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Monday, March 23, 2020 / 4:20 PM / NSE / Header Image Credit: EcoGraphics
Dangote Cement PLC ("DCP"),
Nigeria's largest company by market capitalisation on the Nigerian Stock
Exchange, and the largest cement producer in Sub-Saharan Africa with an
installed capacity of 45.6Mta across operations in 10 African countries, has
obtained approvals from its Board of Directors to access the capital markets
for medium term debt funding.
DCP intends to issue its
maiden series of bonds (the "Series 1 Bonds") imminently, subject to obtaining
regulatory approvals and favorable market conditions.
The process of obtaining
requisite approvals from the Securities and Exchange Commission ("SEC") for
issuance of the Series 1 Bonds has begun. The management of DCP has disclosed
that the proceeds of the Series 1 Bonds will 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 transaction by the SEC.
Visit Dangote Cement Plc IR Page in Proshare MARKETS
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