Dangote Industries has successfully completed the issue of a N187.6 billion bond.
Dangote Industries has successfully completed the issue of a N187.6 billion bond. Dangote Industries Limited, often known as DHL, has successfully finished the offering of its N187.6 billion series 1 bond, making it the biggest corporate bond that has ever been issued on the Nigerian capital market. Source This historic transaction marks the first time that DIL has issued debt at the Group level. It is comprised of a 7-year Tranche-A bond that was issued at a rate of 12.75 percent and a 10-year Tranche-B bond that was issued at a rate of 13.50 percent, both of which were issued as part of the recently established N300 billion Debt Issuance Programme. The issuing of bonds was met with favorable reaction from the market, and participation was recorded from a diverse group of investors, including domestic pension funds, asset managers, insurance firms, and high-net-worth individuals. DIL intends to use the net proceeds from the issue of the Series 1 bonds to help finance a portion o...