POISED to continue facilitating growth and development of the Nigerian debt capital market (DCM) and the Nigerian economy at large, while promoting an efficient, transparent, and well-regulated market, to attract and retain both domestic and foreign investors, FMDQ Securities Exchange Limited has admitted Dangote Cement Plc’s N50bn under its N300.00 billion Multi-Instrument Issuance Programme.
Proceeds from the Dangote Cement Plc Series 1 Tranche 1- 3 bonds will go into funding the company’s expansion projects, refinancing short-term debts, and working capital expenditure.
A breakdown of the amount showed that N3.64 billion Series 1 (Tranche A) was admitted, as well as N10.45 billion Series 1 (Tranche B), and N35.91 billion Series 1 (Tranche C) Fixed Rate Bonds on its platform.
The listing, according to a statement by FMDQ Group, came shortly after the successful registration of the Dangote Cement’s N100 billion Commercial Paper Programme within the same period.
The Multi-Instrument Programme, the statement explained, “allows the Issuer to raise funds from the DCM through the issuance of various medium to long-term debt securities such as green bonds, Sukuk etc., which enables the issuer leverage the depth and breadth of the Nigerian DCM.”
Commenting on the successful bond issuance, Michel Puchercos, Group Managing Director, Dangote Cement, said it “allows us to move a step further in achieving our expansion objectives and will be deployed to projects instrumental in supporting our export strategy while improving our cost competitiveness. We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance.”
Also commenting on the listing, the sponsor of the Bond and a Registration Member (Listings) of FMDQ Exchange, Absa Capital Markets Nigeria Limited, through its Chief Executive Officer, Sadiq Abu, expressed pleasure at the opportunity to act as Lead Issuing House on the transaction.
For him, “the success of the issuance and positive investor response amidst market uncertainty is indicative of Dangote Cement’s strong credit profile and market positioning. We thank the Board and Management of Dangote Cement PLC for the opportunity to continue to support the Company in its fund-raising efforts.”
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