Dangote Cement secures board approval to raise new bonds under N300 billion issuance program

Dangote Cement PLC has announced that its Board of Directors has approved plans to raise medium- to long-term debt funding from the domestic capital markets to improve its financial structure and support ongoing operations.

The announcement, disclosed in a filing published on the Nigerian Exchange (NGX) platform on November 15, 2024, was signed by the company’s secretary, Edward Imoedemhe.

It confirmed that the company had submitted an application to the Securities and Exchange Commission (SEC) for the proposed bonds and obtained the necessary regulatory approvals.

The disclosure reads:

“Dangote Cement PLC (the ‘Company’) has obtained approval of its Board of Directors to access medium- to long-term debt funding from the domestic capital markets.”    

It continues:    

“The company had filed an application with the Securities and Exchange Commission in respect of the bonds, and relevant approvals have now been received.”    

The filing further revealed that the Series 1 bonds, which are part of the company’s N300 billion multi-instrument issuance programs, will be issued soon, subject to favorable market conditions.

Proceeds from the bond issuance are earmarked for refinancing existing debt obligations and providing additional working capital to support the company’s operations and growth objectives.