The Series 17 and 18 Commercial Paper issuance (CP) under the Dangote Cement Plc N150billion CP Issuance Programme is now open and scheduled to close on Thursday September 3, 2020. Dangote Cement Plc targets N50billion from the CP issuance to fund short-term working capital requirements and for general corporate purposes.
The Series 17 with a tenor of 177 days is issued at a discount rate of 3.9240percent and implied yield of 4.000 percent; while series 18 with a tenor of 268 days is issued at a discount of 4.8231 percent and implied yield of 5.0000percent.
Stanbic IBTC Capital Limited is the arranger and dealer of the CP issuance which opened on Monday August 31. Other dealers are: FBN Quest Merchant Bank Limited, Futureview Financial Services Limited and Meristem Capital Limited.
Dangote Cement is the largest cement manufacturer in Sub-Saharan Africa with an installed capacity of 45.6Mta across its operations in 10 African countries. Dangote Cement is assigned AA+ long-term rating by GCR and Aa2.ng long-term rating by Moody’s. It is one of the few corporates in Nigeria with a top notch rating of AA+.
