NGX, FMDQ admits Dangote Cement Plc series 1 bond

Late Filing: NGX slams N36m fine on ETI, Wema Bank, 16 others

The Nigerian Exchange Limited (NGX) and the FMDQ Securities Exchange Limited have both admitted Dangote Cement Plc N3.64 billion Series 1 (Tranche A), N10.45 billion Series 1 (Tranche B) and N35.91 billion Series 1 (Tranche C) Fixed Rate Bonds under its N300 billion Multi-Instrument issuance programme on their respective platforms.

This listing comes shortly after the successful registration of the Dangote Cement Plc N100 billion Commercial Paper (CP) Programme within the same period. According to statements from the two exchanges, the proceeds from the Dangote Cement Plc Series 1 Tranches 1- 3 bonds will be used to fund expansion projects, refinance short-term debts, as well as working capital expenditure. Furthermore, the bonds- 3.64 million units of a three-year 11.25 per cent senior unsecured fixed rate bond due 2024; 10.45 million units of a five-year unsecured fixed rate bond due 2026; and a seven-year 13.50 per cent senior unsecured fixed rate bond will be due 2028.

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Whilst the NGX revealed that the bonds were issued on May 26, 2021 by Dangote Cement and brokered by Meristem Securities with the bonds could be acquired at par N1000 per unit of the bond and would mature in May of the last year of tenor as applicable to each bond, the FMDQ on its own part stated that the sponsor/leading issuing house of the Bond was Absa Capital Markets Nigeria Limited.

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