Subscription for Dangote Cement N50bn Series 2 Bonds Commences

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By Dipo Olowookere

Investors who wish to buy the N50 billion series 2 bonds of Dangote Cement Plc can now begin to do so as the subscription has commenced.

Recall that the board earlier in the week said it was going to the capital market to source funds for its expansion projects, refinancing of existing short-term debt and general corporate purposes, subject to “favourable market conditions.”

Business Post reports that the board, now satisfied that the sale can go ahead, is offering the corporate debt instrument in three tenors of 5 years, 7 years and 10 years.

The pricing range of the 5-year paper is from 11.35 per cent to 11.85 per cent, the 7-year note is from 11.85 per cent to 12.35 per cent and the 10-year instrument is from 12.50 per cent to 13.00 per cent.

It was stated that the 7-year bond may be called partially or wholly at par on any coupon date after 36 months from the issue date, while the decade-old bond may be called partially or wholly at par on any coupon date after 72 months from the issue date.

The minimum subscription for the three maturities is N10 million and multiples of N1 million thereafter. The offer started on Thursday, April 7, 2022, and will end on Monday, April 11, 2022.

The Dangote Cement bonds are being sold by the cement maker under its N300 billion debt issuance programme. The company has a strong track record in the debt capital markets in Nigeria, having successfully issued an aggregate of N491 billion and N150 billion in commercial papers and bonds respectively.

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