• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
Nairametrics
No Result
View All Result
Home Business News
Dangote Cement pLC

Dangote cement factory

Dangote Cement’s debut N100 billion bond issuance has been oversubscribed by investors

Emmanuel Abara Benson by Emmanuel Abara Benson
4 years ago
in Business News, Company News, Markets, Spotlight
Share on FacebookShare on TwitterShare on Linkedin

Earlier in the week, Dangote Cement Plc announced the successful issuance of its N100 billion Series 1 Fixed Rate Senior Unsecured Bonds. The bond was issued at a coupon rate of 12.5%.

In a statement by the company, the bond issuance was said to have been oversubscribed by a wide range of investors despite the COVID-19 pandemic which has caused uncertainty in the financial markets. Note that some of the investors who subscribed to the Dangote Cement bond include Nigerian pension funds managers, asset managers, insurance companies, banks, and even foreign fund managers. The total book amounted to N155 billion.

The N100 billion Series 1 Fixed Rate Senior Unsecured bonds will be due in April 2025. It is Dangote Cement’s debut bond issuance in the Nigerian debt market and part of a larger N300 billion programme which the company has planned.

(READ THIS: Dangote Cement woos investors with N100 billion issue)

The bond issuance was also described as the largest corporate bond ever issued in the Nigerian debt market. Proceeds from the capital raise will be used to refinance the company’s already existing short-term debt which was used to facilitate some cement expansion projects. In the same vein, some of the proceeds will also be used as working capital and to finance general company projects.

READ MORE: Aliko Dangote and his slide from $25 billion to $7 billion

While commenting on the successful issuance, the company’s Chief Executive Officer, Michel Puchercos, described it as a landmark transaction. He said:

“This landmark transaction is the largest ever bond issuance by a corporate issuer in Nigeria. It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market and builds further on the success of our domestic commercial paper programme. The success of this transaction, in the current challenging environment, illustrates investors’ continuous confidence in Dangote Cement’s strategy, strong cash generation and solid credit profile.”


Download Nairametrics App for breaking news and market intelligence.
   
Tags: bond issuance programmeBond MarketCOVID-19 PandemicDangote Cement PlcNigerian Business NewsNigerian Stock Exchange (NSE)
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
HFM
Glo
Kwakol
Abbey
Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • FG spends N3 million feeding 4,000 inmates daily — Tunji-Ojo
  • Economic growth in Nigeria hampered by critical infrastructure gaps – report
  • Naira drags lower despite U.S dollar index hitting a three-month low

Follow us on social media:

Recent News

Ministry of Interior to review Nigeria’s immigration and visa policy  

FG spends N3 million feeding 4,000 inmates daily — Tunji-Ojo

November 29, 2023
infrastructure gaps,

Economic growth in Nigeria hampered by critical infrastructure gaps – report

November 29, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macros
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In