By Dipo Olowookere
The management of Dangote Cement Plc has disclosed that the success it achieved in the issuance of the N50 billion Series 1 and 2 Notes under its 150 billion Commercial Paper Programme was mainly because of its market-leading positions in Nigeria and across Sub-Saharan Africa, where demand for cement is growing rapidly.
Group Chief Executive Officer of the company, Mr Joseph Makoju, made this disclosure in a statement issued by the cement manufacturer.
On June 27, 2018, Dangote Cement Africa’s largest cement producer, announced its N50 billion Series 1 and 2 Notes to be listed on Nigeria’s FMDQ OTC Securities Exchange on July 19, 2018.
It said funds raised in the Commercial Paper (CP) Programme would be used for capital expenditure, working capital and general corporate purposes.
“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,” Mr Makoju commented on the development.
Business Post gathered that Dangote Cement was advised by Stanbic IBTC Capital Limited as Sole Arranger and Dealer with Stanbic IBTC Bank PLC as the Issuing Calculation and Paying Agent, Banwo & Ighodalo as Legal Counsel and Deloitte as Auditors to the Issuer.
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