Dangote Cement PLC NGN50 billion commercial paper issuance

Jun 27, 2018

Dangote Cement successfully completed a Series 1 & 2 commercial paper issuance of NGN50 billion (USD164 million) under its newly established NGN150 billion commercial paper programme. Its purpose was to finance short term funding requirements for general corporate purposes. 

Stanbic IBTC Capital acted as the sole arranger and dealer on the transaction and ensured that all the regulatory requirements were met. Along with achieving subscription levels within the price guidance, Stanbic IBTC Capital also exhibited its superior distribution capabilities. Stanbic IBTC Bank acted as issuing, calculation and paying agent on the transaction. 

The transaction represents the largest corporate commercial paper issuance in the Nigerian debt capital markets as well as Dangote’s first entry into the debt capital markets. The commercial paper issuance attracted wide-spread participation among institutional investors with a subscription level of 112%. 

Dangote Cement is the largest cement producer in sub-Saharan Africa. They operate a fully integrated quarry-to-customer business comprising manufacturing, sale and distribution of cement. Dangote Cement has operations in 10 African countries with factories, clinker grinding or import facilities in Nigeria, Cameroon, the Republic of Congo, Ethiopia, Ghana, Senegal, Sierra Leone, South Africa, Tanzania and Zambia. With a market share of 67% in Nigeria, the company plans to expand further into sub-Saharan Africa along with growing its market share in existing markets. Standard Bank’s client-centric engagement model and solid debt capital market’s expertise resulted in a successful execution to support Dangote’s African operations.

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