Dangote Cement Plc Series 1 Bond Admitted On FMDQ Exchange

FMDQ Exchange has approved the listing of the Dangote Cement Plc N3.64 billion Series 1 bond under its N300 billion Multi-Instrument Issuance Programme on its platform.

This listing comes shortly after the successful registration of the Dangote Cement Plc N100 billion Commercial Paper Programme within the same period.

According to a disclosure by the FMDQ, the bond is being made available in three tranches, which are Series 1 (Tranche A), N10.45 billion Series 1 (Tranche B) and N35.91 billion Series 1 (Tranche C) Fixed Rate Bonds.

The Multi-Instrument Programme allows the Issuer to raise funds from the DCM through the issuance of various medium- to long-term debt securities such as green bonds, Sukuk etc., which enables the Issuer to leverage the depth and breadth of the Nigerian DCM. The proceeds from the Dangote Cement PLC Series 1 Tranches 1- 3 bonds will be used to fund expansion projects, refinance short-term debts, as well as working capital expenditure.

Recently, Dangote Cement registered record-high profits on the back of increased sales and price hikes.