Dangote Cement Issues Another N150bn Commercial Paper

After a successful sale of commercial papers to investors in the local debt capital market, Dangote Cement Plc has announced establishing a new N150 billion Commercial Paper Programme.

The firm said in a notice to the Nigerian Exchange (NGX) Limited on Monday, August 23, 2021, that it wants to sell another N150 billion worth of Commercial Papers (CP).

According to the disclosure, the new CP programme combined with an existing N300 billion multi-instrument issuance Bond programme will help broaden the firm’s funding sources and further ease access to capital market funding.

In addition, the cement manufacturing giant stated that the new commercial paper will be used to match working capital requirements and meet up general corporate obligations.

“Dangote Cement has issued an aggregate of N450 billion in Commercial Papers since 2018,” the Chief Executive Officer of Dangote Cement, Mr Michel Puchercos, said. “I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of the commercial paper programme. We look forward to the same warm reception as we engage with fixed income investors under this new programme. Thank you again for your continued trust in Dangote Cement.”