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 issuance programme announced two years ago.
The first tranche of the capital raise fetched the cement behemoth N100 billion from the debt market which was oversubscribed by 50 per cent.
According to statement signed on behalf of the company by Edward Imoedemhe, Deputy Company Secreatry and filed with the Nigerian Exchange Limited (NGX) on Wednesday, the Security and Exchange Commission (SEC) has been informed of the plan.
The statement read: “The Company 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.
“The Company’s management has disclosed that the proceeds of the bonds will be applied towards funding expansion projects, refinance existing short-term debt and for general corporate purpose.”
