Dangote Cement to sell N300bn bond for expansion

Dangote Cement plans to sell N300 billion ($833 million) in bonds for expansion, according to a report monitored on Bloomberg.

The debt will be issued in tranches over the next three years, says the Chief Financial Officer (CFO) of Dangote Cement, Brian Egan, and that the company is also considering sale of Eurobonds funding.

According to the source, Dangote Cement claimed to have got approval from Nigerian regulators to issue the N300bn ($833m) local currency bond as it seeks to fund expansion and refinance debt.

The CFO made this known during an investors’ conference call on Tuesday.

He further said the bond would be issued in tranches of N50b at a to improve time whenever interest rates were favourable.

The building company is also selling Eurobonds funding.

Dangote Cement is planning to spend $350m on capital projects this year, including the building of export facilities at Nigeria’s seaports which will see it begin shipment of clinker and cement to neighbouring West African countries, said the CFO. material considering to boost its