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HomeTop NewsDangote Cement raises N50 bln bonds to finance expansion, refinance debt

Dangote Cement raises N50 bln bonds to finance expansion, refinance debt

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Dangote Cement has successfully raised N50 billion series 1 fixed rate senior unsecured bonds, under its new N300 billion multi-instrument issuance programme.

According to the company’s Chief Executive Officer, Michel Puchercos,the bonds were issued on May 26 at coupon rates of 11.25 percent, 12.50 percent and 13.50 percent 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,cin spite of the market headwinds.

Puchercos noted 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 to leverage the depth and breadth of the Nigerian debt market.

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“This bond issuance allows us to move a step further in achieving our expansion objectives and will be deployed to projects instrumental in supporting our export strategy while improving our cost competitiveness.

“We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance,” Puchercos said.

He added that the bonds would be listed on the Nigerian Exchange Ltd and FMDQ Securities Exchange.

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