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HomeTop NewsLafarge Africa repays N33.6 bln matured 5-year bond

Lafarge Africa repays N33.6 bln matured 5-year bond

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By Samuel Bankole

Lafarge Africa, Nigeria’s second-biggest cement firm and the local unit of LafargeHolcim, has redeemed its matured N33.6 billion bond which was due on June 15, 2021.

The cement firm in a regulatory filing said that the bond with 5-year tenor was issued on June 15, 2016, as part of its N100 billion bond issuance programme that year.

According to the statement signed by Lolu Alade-Akinyemi, Chief Financial Officer, the company raised a total of N60 billion in series 1 and 2 of the programme in 2016.

The first tranche of N30 billion with a 3-year tenor which matured on June 10, 2021, has been repaid while the second tranche has now been repaid.

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“The Company leveraging on its performance and its recently concluded Management strategic plans to systematically deleverage the Company has redeemed the Series 2 Bond from internally generated cashflow.
“In view of this, the Company has no outstanding issued Bond under the N100 Billion Bond Issuance Programme,” the company said in the regulatory filing.

Series 1, which was repaid on June 10, has a 3-year tenor and at a fixed coupon of 14.25 percent while the matured Series 2 Bond issued on June 15, 2016 with a 5-year tenor at a fixed tenor of 14.75 percent.

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