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    Dangote Industries Completes Issuance of $452 Million Bond

    Posted On 27 Jul 2022
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Photo Credit: Dangote Group

    NEW AFRICA BUSINESS NEWS (NABN) Accra Ghana- Dangote Industries Limited, has successful completed its $452 million (N187 billion) series 1 bond issuance which is the largest corporate bond ever issued in the history of the Nigerian capital market.

    This landmark transaction represents the first issuance by DIL at Group level and comprises of a 7-year Tranche-A bond issued at 12.75% and a 10-year Tranche-B bond issued at 13.50%, under the newly established N300 billion Debt Issuance Programme.

    The bond issuance was well received by the market and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors. DIL plans to utilize the net proceeds from the Series 1 bond issuance to part finance the Dangote Petroleum Refinery Project, an Integrated Petrochemical Complex, and the largest Single Train Petroleum Refinery in the World.

    Standard Chartered Capital & Advisory Nigeria Limited acted as the Lead Issuing House and Bookrunner on Transaction, while 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 acted as Joint Issuing Houses.

    Commenting on the significance of the Transaction, Mr. Olakunle Alake, Group Managing Director of Dangote Industries, said: “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. The proceeds from this landmark transaction will be used to part-finance the Dangote Petroleum Refinery Project which is the initiative by the Group to establish the largest refinery in Africa, thus positioning Nigeria as a net exporter of refined crude.”

     

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    Current Outbreak of Coronavirus (COVID-19) Disease- Coronavirus advisory information, World Health Organization & United States, Centers for Disease Control and Prevention

    Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

    Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

    Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

    Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO

    who.int/emergencies
    Coronavirus Q&A, World Health Organization
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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent
    About the Author
    New Africa Business News Staff Correspondent
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