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.
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