Dangote Cement Plc, the largest producer of the building material, said it has got approval from regulators to issue N300 billion ($833 million) in local currency bonds as it seeks to fund expansion and refinance existing debt.
The company plans issue the debt over three years, Chief Financial Officer Brian Egan said during an investor conference call on Tuesday. The bond will be issued in tranches of 50 billion naira at a time whenever interest rates are favorable, said Egan.
The company, controlled by Africa’s richest man Aliko Dangote, has total debt of N372.09 billion in the balance sheet, which is 4.38 percent higher than N356.46 billion as at December 2016.
Profit increased spiked by 42.97 percent to N204.24 billion in December 2017 as against N142.85 billion the previous year while sales were up 30.96 percent to N805.58 billion in the period under review.
Sales volumes declined by 7 percent owing to a downturn in Nigeria, its biggest market, the company said.
