Dangote Industries Limited, DHL, has fruitful finished its N187.6 billion series 1 security issuance which is the biggest corporate security at any point gave throughout the entire existence of the Nigerian capital market.
This milestone exchange addresses the primary issuance by DIL at Group level and involves a 7-year Tranche-A bond gave at 12.75% and a 10-year Tranche-B bond gave at 13.50%, under the recently settled N300 billion Debt Issuance Program.
The security issuance was generally welcomed by the market and recorded cooperation from many financial backers including homegrown benefits reserves, resource administrators, insurance agency and high total assets financial backers. DIL plans to use the net returns from the Series 1 security issuance to part-back the Dangote Petroleum Refinery Project, an Integrated Petrochemical Complex, and the biggest Single Train Petroleum Refinery in the World.
Standard Chartered Capital and Advisory Nigeria Limited went about 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 went about as Joint Issuing Houses.
Remarking on the meaning of the Transaction, Mr. Olakunle Alake, Group Managing Director of Dangote Industries, said: “The outcome of this exchange further shows financial backer trust in our credit story and the enthusiasm for the work done by the Group across a few key areas that are urgent to the improvement of the mainland. The returns from this milestone exchange will be utilized to part-back the Dangote Petroleum Refinery Project which is the drive by the Group to lay out the biggest processing plant in Africa, subsequently situating Nigeria as a net exporter of refined unrefined.”