[ad_1]
Dangote Cement PLC announced the first round of the program of issue of commercial paper of a total value of 150 billion nairas. This first share takes the form of Series 1 and Series 2 notes worth 50 billion naira, according to a statement issued by the company
the largest cement company in Africa having announced the program on June 27th. the debt market with what is the largest commercial paper issue by a Nigerian company.
"This landmark transaction is the largest commercial paper issue ever issued by an issuing company in Nigeria, allowing us to expand our sources of financing and combine established bank lines of credit with access to financing. financial markets, which will reduce our overall cost of borrowing.
"The success of this program reflects the high quality of our business and a strong cash generation, made possible by our leading positions in the market. Nigeria and sub-Saharan Africa, where demand for cement is growing rapidly, "said Joe Makoju, CEO of Dangote.
The Series 1 and 2 Notes will be listed on the FMDQ's OTC Securities Trading Exchange on July 19, 2018. The securities raised in the commercial paper program will be used for capital expenditures, working capital and the general objectives of the company. Cement was advised by Stanbic IBTC Capital Limited as sole arranger and broker, Stanbic IBTC Bank PLC as a calculation agent and paying agent, Banwo & Ighodalo as legal counsel and Deloitte as sweat checkers.
Source link
