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 of the Dangote Petroleum Refinery Project, which will be an integrated petrochemical complex and the biggest single-train petroleum refinery in the world when it is completed.

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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 all participated in the transaction as Joint Issuing Houses.


Standard Chartered Capital & Advisory Nigeria Limited was the Lead Issuing House and Bookrunner for the transaction.


Mr. Olakunle Alake, Group Managing Director of Dangote Industries, made the following statement in regards to the significance of the Transaction: "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.


" In order to position Nigeria as a net exporter of refined crude, the proceeds from this historic transaction will be used to part-finance the Dangote Petroleum Refinery Project. 


This project is the initiative by the Group to establish the largest refinery in Africa, and it will position Nigeria in this role.


Content Source :

https://businesstraffic.com.ng/dangote-industries-ltd-completes-issuance-of-n187-6bn-bonds/


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