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BUSINESS & ECONOMY

Dangote Cement Lists N50bn Bonds On NGX, FMDQ

Efforts by quoted companies to fund new projects and expand business activities through long-term sustainable finance option, have received a boost as Dangote Cement raised and listed N50 billion corporate bonds on the Nigerian Exchange (NGX) Limited and FMDQ Securities Exchange Limited.

The bonds comprise of N3.64 billion Series one (Tranche A), N10.45 billion Series one (Tranche B) and N35.91 billion Series one (Tranche C) Fixed Rate Bonds under its N300.00 billion multi-instrument issuance programme.

This listing comes shortly after the successful registration of the Dangote Cement Plc N100.00 billion commercial paper programme within the same period.

FMDQ in a press statement sent to LEADERSHIP, said, “The multi-instrument programme allows the issuer to raise funds from the DCM through the issuance of various medium- to long-term debt securities such as green bonds, sukuk among others, which enable the issuer leverage the depth and breadth of the Nigerian DCM.

According to FMDQ, the proceeds from the Dangote Cement Series one Tranches A to C bonds will be used to fund expansion projects, refinance short-term debts as well as working capital expenditure.

Speaking on the successful bond issuance, group managing director, Dangote Cement, Mr. Michel Puchercos, said, “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.

Also the chief executive officer of Absa Capital Markets Nigeria Limited, Mr. Sadiq Abu, said, “We are very pleased to have acted as lead issuing house on the transaction. The success of the issuance and positive investor response amidst market uncertainty is indicative of Dangote Cement’s strong credit profile and market positioning.”

Abu commended the board and management of Dangote Cement for the opportunity to continue to support the company in its fund-raising efforts.

SOURCE; https://leadership.ng/dangote-cement-lists-n50bn-bonds-on-ngx-fmdq/

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