Dangote Cement PLC (DANGCEM-NL) Africa’s largest cement producer, announces the successful issuance of N100 billion series 1 Fixed Rate Senior Unsecured Bond due April 2025 under the company’s NGN300 billion Bond Programme. The transaction 1.5 times was oversubscribed and represents Dangote Cement’s debut bond issuance in the debt capital market.
Book building with respect to the issuance commenced on 3 April 2020 following approval from the Securities and Exchange commission and closed on 15 April 2020 at a coupon rate of 12.50 percent. Despite current market headwinds due to the COVID-19 pandemic, the transaction was extremely well received and attracted significant demand from a wide range of high-quality investors including domestic pension funds, asset managers, insurance companies, banks, and international fund managers. The total order book amounted to NGN155 billion.