By Aduragbemi Omiyale
Application for the Series I bond issuance of up to N100 billion by Dangote Cement Plc has commenced, Business Post reports.
The cement giant is selling the corporate debt instrument under its N300 billion bond programme approved by the Securities and Exchange Commission (SEC).
Details of the exercise seen by this newspaper disclosed that the paper would be sold to qualified institutional investors and high-net-worth individuals (HNIs).
The minimum subscription for the paper to be issued in two tenors of 7 years and 10 years is N5 million and N1,000 thereafter.
The fixed-rate senior unsecured bond is being sold to investors through book build and it opened today, Tuesday, November 19, 2024, and closes on Friday, November 22, 2024.
According to Dangote Cement, which has the capacity to produce about 52 Mta, the notes are callable after two from the date of issuance of the lower maturity and three years for the longer-dated bond.
The cement manufacturer has chosen to go to the capital market for cheaper funds to refinance its existing debts and to run the operations of the business.
Dangote Cement is one of the players in the Nigerian cement market, which boasts other top producers like BUA Cement, Lafarge Africa, Mangal Cement and a few others.
Adedapo Adesanya 
Dipo Olowookere