Dangote Cement Plc says it is seeking to raise up to N100bn from the bond market under its N300bn Debt Issuance Programme.
This is captured in the latest statement from the company.
It said, “Dangote Cement Plc is a good offer for discerning institutional investors and high net worth individuals as it is Nigeria’s largest company by market capitalisation on the Nigerian Stock Exchange.
“It is the largest cement manufacturer in sub-Saharan Africa with an installed capacity of 45.6 million metric tonnes annually across its operations in 10 African countries.”
The company says the funds from the debut offering in the bond market would be utilised to refinance existing short-term debt previously applied towards cement expansion projects, working capital and general corporate purposes.
The bond, a medium-term debt paper, being issued for the first time signifies confidence in business growth and in the Nigerian economy long term growth.
The company noted that it registered a N150bn Commercial Paper programme in 2018, and had issued an aggregate amount of N300bn since the establishment of the programme.