Dangote Cement raises N250b via debt market in 6 months
By Nkiruka Nnorom
Dangote Group of Companies, through its subsidiary, Dangote Cement Plc, has raised a total of N250 billion in debt securities in the first six months of the year.
The issues include its recent debut N100 billion series 1 bond, under its N300 billion bond programme, which was 150 percent oversubscribed and its earlier issued N150 billion Commercial Paper (CP) notes series 13-16 under its N150 billion domestic CP issuance programme, all listed on the FMDQ Securities Exchange Limited’s platform.
In the same vein, and in support of the market development efforts and initiatives of FMDQ Group, the assets of the Dangote Cement bond are also lodged with FMDQ’s wholly owned central securities depository, FMDQ Depository Limited.
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Commenting on the recent bond issuance, Mr. Michel Puchercos, Chief Executive Officer, Dangote Cement, 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.”
Also commenting on the issuances by Dangote Cement Plc, Mr. Bola Onadele Koko, CEO, FMDQ Group, said: “The entry of Africa’s premier and largest business conglomerate – Dangote Group, through its subsidiary, Dangote Cement Plc, into the Nigerian debt capital market since 2018, and its sustained activities so far, having raised over N250 billion worth of debt securities in the first half of 2020 alone, attests to the viability of the domestic capital markets to efficiently support the efforts of corporates and governments towards building the Nigeria we all desire.”
The post Dangote Cement raises N250b via debt market in 6 months appeared first on Vanguard News.
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