Dangote Cement announces successful issuance of N50bn bond

Date:

Lagos, June 16, 2021 Dangote Cement Plc has announced the successful issuance of N50 billion series 1 fixed rate senior unsecured bonds, under its new N300 billion multi-instrument issuance programme.
Mr Michel Puchercos, Chief Executive Officer, Dangote Cement, disclosed this in a statement made available to newsmen on Wednesday in Lagos.
Puchercos said the bonds were issued on May 26 at coupon rates of 11.25 per cent , 12.50 per cent and 13.50 per cent 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,
in spite of the market headwinds.
Puchercos added 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 leverage the depth and breadth of the Nigerian market.
“This bond issuance allows us 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.
He said the issuing houses involved in the transaction were Absa Capital Markets Nigeria, Stanbic IBTC Capital, Standard Chartered Capital and Advisory Nigeria Ltd, United Capital, FBN Quest Merchant Bank and FCMB Capital Markets, among others.

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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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