Dangote Cement goes to market for series 1 bonds issuance
Dangote Cement Plc. has stated intention to raise bond from its N300 billion shelf registration programme.
The company is raising the fund to refinance existing short term facilities.
The largest quoted company on the Nigerian Stock Exchange said it has obtained approval from its Board of Directors to access the market for medium term debt fund.
The cement company which is the largest in the sub-Saharan African has an installed capacity of 45.6 Mta.
The management stated that the company wants to use its maiden series of bonds, imminently.
However, it said the proposal is subjected to regulatory approval and favourable market condition.
The firm in a statement signed by Edward Imoedemhe, the company deputy secretary reads that the process of obtaining requisite approvals from Securities and Exchange Commission has begun.
The management disclosed that the proceeds of the bonds will be used to refinance existing short term debt previously applied towards cement expansion projects, working capital and corporate purposes.
Dangote cement said the book building for the bond will commence following the approval of the transaction by SEC.
Dangote Cement goes to market for series 1 bonds issuance
