Dangote Cement to finance expansion with debt programme
Nigerian cement maker, Dangote Cement Plc has obtained approval from its Board of Directors to access the Capital Markets for medium to long-term debt funding under its N300 billion debt programme.
In a notice sent to the NGX Group on Wednesday and signed by Dangote Cement’s Deputy Company Secretary, Edward Imoedemhe, Dangote Cement said it “had submitted an application to the Securities and Exchange Commission in respect of the bonds, and relevant approvals have now been received”.
“The bonds will be issued imminently, subject to favourable market conditions.”
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The Company’s management has disclosed that the proceeds of the bonds will be applied towards funding expansion projects, refinancing existing short-term debt and for general corporate purposes.
Dangote cement announced the N300B debt programme in August 2021. The three tranches of the debt programme run through 2028.