SOCIETAL PROBLEMS We Are Deploying Smart City Security Intervention In Lagos StateSOUL-2-SOUL Rev. Fr. Nicholas Nwaneto Nwachukwu Laid To RestCELEBRITY MIRROR ‘They came around 2:50am, Carrying Sophisticated Guns’ – Saka Recalls Encounter With Armed Robbers In His HouseRHYTHM & REELS DJ SILVER SET TO STAGE “MAFO” CONCERT ON OCT 8thCELEBRITY MIRROR How My Driver Offered To Sell One Of His Triplets To Me – TBoss RecountsCELEBRITY MIRROR After Advising Men Not To Date Broke Women, Multiple Women Expose Chats Where Buchi ‘Begged’ Them For Money (Screenshots)CELEBRITY MIRROR TBoss Explains Why It’s Unwise For Parents To Have Kids They Can’t FeedSPORTS Brentford Vs Man Utd: Predicted Lineup, Kick-Off Time, TV, Live Stream And How You Can Watch EPL In NigeriaSPORTS Why Cristiano Ronaldo Was Included On 2022 Ballon D’Or ShortlistUncategorized Northern Governors’ Wives Committed To Eradicating Drug Abuse, Stemming Social Vices – Dr Bagudu

DANGOTE INDUSTRIES COMPLETES ISSUANCE OF ₦187.6BN SERIES 1 FIXED RATE SENIOR UNSECURED BOND, MARKING NIGERIA’S LARGEST CORPORATE BOND ISSUANCE


Leave a comment | | July 20, 2022 6:40 pm

Dangote Industries Limited (“DIL” or the “Group”), one of the leading, diversified and fully integrated conglomerate in Nigeria and Africa, is pleased to announce the successful completion of its ₦187.6bn Series 1 Bond Issuance (the “Transaction”), which is the largest corporate bond ever issued in the history of the Nigerian capital market

This landmark transaction represents the first issuance by DIL at Group level and comprises of a 7-year Tranche-A bond issued at 12.75% and a 10-year Tranche-B bond issued at 13.50%, under the newly established NGN300 billion Debt Issuance Programme

The bond issuance was well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors. DIL plans to utilize the net proceeds from the Series 1 bond issuance to part-finance the Dangote Petroleum Refinery Project, an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the World.

Standard Chartered Capital & Advisory Nigeria Limited acted as the Lead Issuing House and Bookrunner on Transaction, while Meristem Capital, Stanbic IBTC Capital, Vetiva Capital, Absa Capital Markets, Afrinvest Capital, Coronation Merchant Bank, Ecobank Development Company, FBNQuest Merchant Bank, FCMB Capital Markets, Greenwich Merchant Bank, Quantum Zenith Capital, Rand Merchant Bank Nigeria and United Capital acted as Joint Issuing Houses.

Commenting on the significance of the Transaction, Mr. Olakunle Alake, Group Managing Director of Dangote Industries, said:

“Dangote Industries is delighted to have successfully conducted its debut issuance under our newly established Debt Issuance Programme. We are very pleased to have set this remarkable milestone, showcasing the depth and liquidity of the Nigeria Debt Capital Market. The success of this transaction further demonstrates investor confidence in our credit story and the appreciation of the work done by the Group across several key sectors that are crucial to the development of the continent. The proceeds from this landmark transaction will be used to part-finance the Dangote Petroleum Refinery Project which is the initiative by the Group to establish the largest refinery in Africa, thus positioning Nigeria as a net exporter of refined crude. We want to specially thank the investor community for their support on this transaction, as well as our various advisors and stakeholders.”

Also speaking on the transaction, Mr. Olukorede Adenowo, Standard Chartered’s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, said:

“On behalf of the Issuing Houses, we are proud to have led this historic transaction which reflects the strong credit quality of the issuer as well as the resilience of the Nigerian domestic debt capital markets, despite the current global market volatility. We thank the Board and Management of the Dangote Group for continuously striving to develop the domestic debt capital markets and setting records through its various issuances both at the subsidiary and Group levels. We also thank the Securities & Exchange Commission, Nigerian Exchange Limited (“NGX”) and FMDQ Securities Exchange Limited (“FMDQ”) for their unwavering support throughout this entire process.”

The Bond notes will be listed on the NGX and FMDQ.

No Comments »

 


Leave a Reply

Zenith Bank
GTBank Quick Credit
Sponsored
Access Bank
Sponsored
Sponsored
Finecoat Paint