Dangote Cement Plc has declared its intention to offer its Series I bonds as part of its multi-instrument issuance program worth N300 billion.
The business recently released a statement that included this information.
According to Dangote Cement Plc, its Board of Directors has given its approval for the company to engage local capital markets for medium- to long-term loan funding.
The bond proceeds will fund both working capital and the refinancing of current debt.
It stated, “Dangote Cement Plc has obtained approval of its Board of Directors to access medium to long-term debt funding from the domestic capital markets. The company had filed an application with 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. The proceeds of the bonds will be applied towards refinancing existing debt and for working capital purposes.”
