May 4, 2022 4:50 PM
Dangote Cement said the proceeds of the bond issuance would be used to finance the company’s Nigeria expansion projects, short-term debt refinancing and working capital requirements.It said the bond notes would be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange. “The Bond Issuance, which is the second issuance under the Company’s N300 billion Multi-Instrument Issuance Programme, attracted participation from a wide array of institutional investors, including pension funds, asset managers, banks, insurance companies and high net worth individuals. The Bond Issuance comprised three tranches: a 5-year Tranche A issuance priced at 11.85%, a 7-year Tranche B issuance priced at 12.35%, and a 10-year Tranche C issuance priced at 13.00%.
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