Lafarge Africa announces redemption of N33.6bn bond

Adebayo Obajemu

Lafarge Africa Plc the announced the redemption of its matured N33.6 Billion Bond due on June 15, 2021.

The Company registered a N100 Billion Bond issuance programme in June 2016, out of which the sum of N60 Billion was issued in Series 1 and 2 of the programme. The matured Series 1 Bond was issued on June 10, 2016 with a 3-year tenor and at a fixed coupon of 14.25%, which has been repaid, while the matured Series 2 Bond issued on June 15, 2016 with a 5- year tenor at a fixed tenor of 14.75% has now been repaid.

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 cash flow.

In view of this, the Company has no outstanding issued Bond under the N100 Billion Bond issuance programme.