Business
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.