Dangote Industries Plc has announced the successful completion of a N187.58 billion Series 1 (Tranche A and Tranche B) Fixed Rate Senior Unsecured Bond Issue under its N300 billion Debt Issuance Programme sponsored by Dangote Industries Limited (DIL).
The Bond Issue represents the largest local currency bond issuance by a corporate issuer in the history of the Nigerian debt capital markets.
The Bond Issue comprised 7-year Tranche A and 10-year Tranche B bonds. The 7-year Tranche A bonds priced at 12.75% and the 10-year Tranche B bonds priced at 13.50%.
Commenting on the landmark issuance at the Signing Ceremony, Managing Director of DIL, Mr. Olakunle Alake expressed delight at the remarkable success of the Bond Issue and thanked the Issuing Houses and other professional parties for working tirelessly to ensure the timely and successful completion of the Bond Issue.
According to him, “We are highly pleased at the level of reception from the investor universe on the Series I bond issuance and 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.”
Commenting on the Bond Issue, Managing Director/Chief Executive Officer of Vetiva Capital Management Limited, Chuka Eseka said, “Vetiva is delighted to have acted as Joint Lead Issuing House/Bookrunner on the Series 1 Bond Issuance – which represents the largest single bond issuance by a corporate in the Nigerian capital market.”