Dangote Group of Companies, through its subsidiary, Dangote Cement Plc, has raised a total of N250 billion in debt securities, within six months in 2020.
The amount mentioned above, was raised from the company’s recent debut N100 billion Dangote Cement Series 1 Bond, under its N300 billion Bond programme and it was 150 per cent over-subscribed to its earlier issued 150 billion commercial paper (CP) notes.
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Also in line with market development efforts and initiatives of the FMDQ Group, the assets of Dangote Cement Bond are also lodged with FMDQ’s wholly owned central securities depository, FMDQ Depository Limited.
The Chief Executive Officer of Dangote Cement Plc, Michael Puchercos, in a statement on the bond issues, said the landmark transcation is the largest bond ever issues by a corporate issuer in Nigeria.
He said: “It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market and builds further on the success of our domestic commercial paper programme. The success of these transactions, in the current challenging environment, illustrates investors’ continuous confidence in Dangote Cement’s strategy, strong cash generation and solid credit profile.”
