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Africa’s largest cement producer, Dangote Cement has issued series 3 and 4 of 180-day debt notes under its N150 billion commercial paper (CP) programme.
N50 billion worth of CPs have been issued at 13.2 percent according to the dealers Stanbic IBTC and FBNQuest as reported by Bloomberg.
This offer brings the total commercial paper raised by Dangote Cement to N100 billion and the proceeds are to fund capital expenditure, working capital and general corporate purposes.
Series 1 and 2 notes were listed on FMDQ OTC Securities Exchange on the 27th of June, 2018. Separate listings of N12.04 billion and N37.96 billion at 13.21 percent and 13.96 percent respectively totaling N50 billion worth of CPs in its initial listing under the N150 billion commercial paper programme.
Tags: commercial papers, Dangote Cement