Dangote Cement issues N50bn bond

Dangote Cement has announced the successful issuance of N50 billion series 1 fixed rate senior unsecured bonds, under its new N300 billion multi-instrument issuance programme.
Mr Michel Puchercos, Chief Executive Officer, Dangote Cement, said the bonds were issued on May 26 at coupon rates of 11.25 per cent , 12.50 per cent and 13.50 per cent for the 3, 5 and 7-year tranches, respectively.
He said the bond issuance was well received and recorded participation from a wide range of investors, in spite of the market headwinds.
Puchercos added that the proceeds of the bond would be deployed for the company’s expansion projects, short-term debt refinancing and working capital requirements.
“Aside from this first issuance of a traditional bond under the new multi-instruments programme, Dangote Cement has registered a programme enabling it to consider different types of fixed income instruments to cater for different types of investors,” he said.
Puchercos explained that the ability to issue Green Bonds and Sukuk would enable the company leverage the depth and breadth of the Nigerian market…


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