Sefton Fross advises on the Dangote Cement Plc’s Bond N100,000,000,000 Bond issuance.

Sefton Fross adisies Dangote Cement

Sefton Fross has advised on the Dangote Cement Plc’s N100,000,000,000 (One Hundred Billion Naira), Series 1 12.50% Fixed Rate Senior Unsecured Bonds due April 2025, under its N300,000,000,000 (Three Hundred Billion) Bond Issuance Programme. 

Dangote Cement Plc, a member of the Dangote Group, is the largest cement manufacturer in Sub-Saharan Africa with operations in 10 African countries. The Transaction, which is the Company’s debut bond issuance was 1.5 times oversubscribed and represents one of the largest corporate bond issuances in Nigeria’s debt capital market. The successful issuance of the Series 1 Bonds will see the proceeds being used to fund project expansion, refinance existing commercial bank debt and for general corporate purposes.

The Bonds will be listed on the Nigerian Stock Exchange and the FMDQ Securities Exchange Limited, the first of its kind in the history of the Nigerian debt capital market, the investors will have the option of lodging securities with either the Central Securities Clearing System or the FMDQ Depository.

Sefton Fross acted as Solicitors to ARM Trustees Limited, Quantum Zenith Trustees and Investment Limited, FBNQuest Trustees Limited, and Coronation Trustees Limited, as Joint Trustees to the Bond.

Stanbic IBTC Capital, Absa Capital Markets Nigeria, Standard Chartered Capital & Advisory Nigeria, and United Capital Plc acted as Joint Lead Issuing House for the Series 1 Bonds.

The Sefton Fross team was led by Managing Partner, Olayemi Anyanechi assisted by Partner, Olubukola Seun-Oguntuga and Associates, Lisa Osawese Esamah and Chioma Omaka.