Dangote Industries Limited, parent company of Dangote Cement, among others, is at advanced stage to issue N300bn Series 1 bond comprising two tranches A – 7-year and Tranche B – 10-year.
The Fixed Rate Senior Unsecured Bonds Debt Issuance Programme is being issued through the Dangote Industries Funding Plc, a special purpose vehicle incorporated by Dangote Industries Limited to access the domestic capital markets.
Dangote Industries Limited, rated AA+ by GCR and AA (ngr) by Fitch Ratings, plans to utilise the net proceeds from the Series I bond issuance to finance the Dangote Petroleum Refinery Project which is currently expected to commence operations in the first half of 2023.
The bonds, expected to mature in 2029 and 2032 respectively, has as co-obligors- Dangote Oil Refining Company Limited and Dangote Fertiliser Limited, while joint issuing house is FCMB Capital Markets Limited, are being offered for subscription via Book Build.
The coupon basis is semi-annual and fixed rate, with units of sale being a minimum of N10m, and multiples of N1,000,000 thereafter, the bonds will be listed on the FMDQ Securities Exchange and/or The Nigerian Exchange Limited.