Dangote Cement Plc, the most capitalised stock on the Nigerian Stock Exchange (NSE), has made disclosed intentions to issue N300 billion bonds.
The company, in a notice to the Nigerian Stock Exchange (NSE), on Monday, announced its inaugural issuance of bonds under its N300 billion shelf registration programme.
The company said it has obtained approvals from its Board of Directors to access the capital market for the medium-term debt funding.
The process of obtaining requisite approvals from the Securities and Exchange Commission (SEC) for the issuance of the Series 1 bond has begun, it added.
Dangote Cement Plc intends to issue the maiden series of bonds imminently, subject to obtaining regulatory approvals and favourable market conditions.
According to the company, the proceeds of the Series 1 Bonds would be used to refinance existing short term debt previously applied towards cement expansion projects, working capital and general corporate purposes. Book building for the Series 1 bonds will commence following approval of the transactions by the SEC.
Dangote Cement Plc is Nigeria’s largest company by market capitalisation and the largest cement producer in Sub Saharan Africa (SSA) with an installed capacity of 45.6Mta across operations in 10 African countries.