Dangote Cement Plc has issued its Series I Bond of up to ₦100 billion. The issuance was made to Qualified Institutional Investor and High Net Worth Investor only.
The cement company sold the corporate debt instrument under its N300 billion multi-instrument issuance programme launched in June 2024. Under the terms of the Programme, Bonds, Green Bonds, Sukuks, Senior Bonds, Subordinated Bonds, Fixed Rate Bonds, Floating Rate Bonds, Floating Rate Sukuk, Fixed Rate Sukuk, Zero Coupon Bonds may be issued.
The bond was offered in two tranches, A and B. Tranche A, with 7 years tenor, callable from 2 years after issue date and Tranche B with 10 years tenor, callable from 3 years after issue date. The The Series 1 bond offer which opened on Tuesday, 19 November, closed on Friday, 22 November 2024.
The proceeds of the bonds will be applied towards refinancing the company's existing debt facilities of approximately ₦545 billion.
Solicitors to the Issuer: Banwo & Ighodalo
Solicitors to the Transaction: Olaniwun Ajayi
Lead Issuing House: Stanbic IBTC Capital
Solicit to the Trustees Alliance Law Firm
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