Dangote Cement Plc, Africa’s largest cement producer, has announced the successful issuance of N50 billion Series 1 Fixed Rate Senior Unsecured Bonds under the company’s new N300 billion Multi-Instrument Issuance Programme.

The company said on Wednesday that the bonds were issued on May 26, 2021 at coupon rates of 11.25 per cent, 12.50 per cent and 13.50 per cent for the three-, five- and seven-year tranches respectively.

It said despite market headwinds, the bond issuance was well received and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors.

Dangote Cement said the proceeds of the bond issuance would be deployed for the company’s expansion projects, short-term debt refinancing and working capital requirements.

It said aside from this first issuance of a traditional bond under the new multi-instruments programme, it had registered a programme enabling it to consider different types of fixed income instruments to cater for different type of investors.

The company said the ability to issue green bonds and Sukuk would enable the company leverage the depth and breadth of the Nigerian market.