Chicago, May 6 – Dangote Cement plc issued NGN 116 billion series 2 bonds (B2) in the Nigerian capital markets, according to a press release on the company’s website.
The three-tranche deal consisted of:
• NGN 4.3 billion of 11.85% bonds with a five-year tenor (tranche A);
• NGN 23.3 billion of 12.35% bonds with a seven-year tenor (tranche B); and
• NGN 88.4 billion of 13% bonds with a 10-year tenor (tranche C).
Proceeds will be used to finance the company’s expansion projects, short-term debt refinancing and working capital requirements.
Stanbic IBTC Capital was the lead bookrunner.
Absa Capital Markets, Meristem Capital, Standard Chartered, United Capital, Coronation Merchant Bank, Ecobank Development Co., FBNQuest Merchant Bank, FCMB Capital Markets, Futureview Financial Services, Vetiva Capital, Quantum Zenith Capital and Rand Merchant Bank Nigeria acted as joint bookrunners.
The notes are listed on the Nigerian Exchange Ltd. and FMDQ Securities Exchange.
Dangote Cement is sub-Saharan Africa’s largest cement producer.
| Issuer: | Dangote Cement plc
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| Amount: | NGN 116 billion
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| Issue: | Bonds
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| Bookrunners: | Stanbic IBTC Capital, Absa Capital Markets, Meristem Capital, Standard Chartered, United Capital, Coronation Merchant Bank, Ecobank Development Co., FBNQuest Merchant Bank, FCMB Capital Markets, Futureview Financial Services, Vetiva Capital, Quantum Zenith Capital and Rand Merchant Bank Nigeria
|
| Announcement date: | May 4
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| Ratings: | Moody’s: B2
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| Distribution: | Nigeria
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|
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| Tranche A
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| Amount: | NGN 4.3 billion
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| Maturity: | 2027
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| Coupon: | 11.85%
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| Tranche B
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| Amount: | NGN 23.3 billion
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| Maturity: | 2029
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| Coupon: | 12.23%
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|
|
| Tranche C
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| Amount: | NGN 88.4 billion
|
| Issue: | 2032
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| Maturity: | 13%
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