Alhaji Aliko Dangote

BY EMEKA EJERE

.Dangote Cement Plc said it has successfully issued N50 billion Series 1 fixed rate senior unsecured bonds under its new N300 billion multi-instrument issuance programme,

A statement by the cement giant noted that the bond recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors despite market headwinds.

The company explained that the proceeds of the bond would be deployed for the company’s expansion projects, short-term debt refinancing and working capital requirements.

“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”.

It stated that the company has registered a programme enabling it to consider different types of fixed income instruments to cater for different types of investors aside the first issuance of a traditional bond under the new multi-instruments programme.

The company disclosed that the bond would be listed on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange with Absa Capital Markets Nigeria acting as lead issuing house for the series 1 bond.

The bonds were issued on May 26, 2021 at coupon rates of 11.25 per cent, 12.50 percent and 13.50 per cent for the three tranches.

Also, Stanbic IBTC Capital, Standard Chartered Capital & Advisory Nigeria Limited, United Capital Plc, FBN Quest Merchant Bank, FCMB Capital Markets, Coronation Merchant Bank, Ecobank Development Corporation Nigeria, Futureview Financial Services, Meristem Capital Limited, Rand Merchant Bank, Quantum Zenith Capital and Vetiva Capital Management are joint issuing houses.

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 48.6Mta capacity across 10 African countries. It operates a fully integrated ‘quarry-to-customer’ business with activities covering manufacturing, sales and distribution of cement. We have a production capacity of 32.3Mta in our home market, Nigeria.