Africa’s largest cement producer, Dangote Cement PLC, has announced the allocation of 50 billion Series 1 and 2 Notes under its NGN150 billion Commercial Paper Programme.
The Series 1 and 2 Notes will be listed on Nigeria’s FMDQ OTC Securities Exchange on the 19th of July, 2018. The funds generated from the Commercial Paper (CP) Programme will be used for working capital, capital expenditure and general corporate purposes.
Group Chief Executive Officer, Joe Makoju, said: “This landmark transaction is the largest-ever Commercial Paper issuance by a corporate issuer in Nigeria. It allows us to broaden our sources of funding and combine established bank lines of credit with access to capital market funding, which will lower our overall cost of borrowing. The success of this programme reflects the high quality of our business and its strong cash generation, made possible by our market-leading positions in Nigeria and across Sub-Saharan Africa, where demand for cement is growing rapidly.”
Dangote Cement was advised by Stanbic IBTC Capital Limited as Sole Arranger and Dealer, Stanbic IBTC Bank PLC as Issuing Calculation and Paying Agent, Banwo & Ighodalo as Legal Counsel and Deloitte as Auditors to the Issuer.