Lafarge Africa to issue NGN 60bn bond

Cement company Lafarge Africa based in Nigeria is issuing a NGN 60 billion (€261.64 /US$301.51 million) bond in a bid to refinance the US dollar debt in United Company of Nigeria (Unicem), including a $300 million (€260.34 million) loan from parent company. Lafarge Africa acquired a controlling stake in Unicem in October 2015, although it has obtained permission for a NGN 100 billion (€436.07 million/$502.51 million) bond by the Nigerian Securities and Exchange Commission, it has decided to market a NGN

Quarry Products / May 9, 2016

Cement company 725 Lafarge Africa based in Nigeria is issuing a NGN 60 billion (€261.64 /US$301.51 million) bond in a bid to refinance the US dollar debt in United Company of Nigeria (1850 Unicem), including a $300 million (€260.34 million) loan from parent company.

Lafarge Africa acquired a controlling stake in Unicem in October 2015, although it has obtained permission for a NGN 100 billion (€436.07 million/$502.51 million) bond by the Nigerian Securities and Exchange Commission, it has decided to market a NGN 60 billion bond for five years.

With the issuance of bond, the company anticipates to lower down its interest rate by around 4 to 5 percentage points, say reports.

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Lafarge

Unicem