Dangote issues largest-ever Commercial Paper by a Nigerian company
Dangote Cement PLC (DANGCEM-NL)
(www.DangoteCement.com), Africa’s largest cement producer, has announced the
issuance of 50 billion Series 1 and 2 Notes under its 150 billion Commercial Paper
Programme announced on June 27th, 2018.
The Series 1 and 2 Notes will be
listed on Nigeria’s FMDQ OTC Securities Exchange on July 19th, 2018.
Funds raised in the Commercial Paper (CP) Programme will be used for capital
expenditure, working capital and general corporate purposes.
Joe Makoju, Group Chief Executive
Officer, said: “This landmark transaction is the largest-ever Commercial Paper
issuance by a corporate issuer in Nigeria. It allows us to broaden our sources
of funding and combine established bank lines of credit with access to capital
market funding, which will lower our overall cost of borrowing.
“The success of this programme
reflects the high quality of our business and its strong cash generation made
possible by our market-leading positions in Nigeria and across Sub-Saharan
Africa where demand for cement is growing rapidly.”
Dangote Cement was advised by
Stanbic IBTC Capital Limited as Sole Arranger and Dealer, Stanbic IBTC Bank PLC
as Issuing Calculation and Paying Agent, Banwo & Ighodalo as Legal Counsel
and Deloitte as Auditors to the Issuer.
About Dangote Cement:
Dangote Cement
(www.DangoteCement.com) is Africa's leading cement producer with nearly 46Mta
capacity across Africa. A fully integrated quarry-to-customer producer, we have
a production capacity of 29.25Mta in our home market, Nigeria. Our Obajana plant
in Kogi State, Nigeria is the largest in Africa with 13.25Mta of capacity
across four lines; our Ibese plant in Ogun State has four cement lines with a
combined installed capacity of 12Mta and our Gboko plant in Benue State has
4Mta. Through our recent investments, Dangote Cement has eliminated Nigeria's
dependence on imported cement and has transformed the nation into an exporter
of cement serving neighbouring countries.
In addition, we have operations
in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import),
Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa
(2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).
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