Nigeria: Lafarge Cement WAPCO raises NGN11.8bn bond
Lafarge Cement WAPCO Nigeria plc raised a sum of NGN11.8bn (US$74m) bond at a fixed interest rate of 11.5%. This is part of the company’s NGN50bn Bond Issuance Programme.
The first series of the programme, which is a three-year fixed rate (2011-14) bond, was offered to subscribers by way of a Book Build. Proceeds from the issue is to be used to re-finance part of the company’s existing variable interest rate loan facilities on the Lakatabu expansion project.
The bond was rated A+ by Agusto & Co and AA- by Global Credit Rating Co. (GCR) on the strength of its robust security structure, market positioning and future cash flows.
Subscription to the bond was opened to qualified Nigerians, international and high net worth investors. The lead issuing house was Chapel Hill Advisory Partners Limited, while joint issuing houses include Access Bank, Citibank Nigeria Limited, Ecobank, FBN Capital Limited, FCMB Capital Markets Limited, First Securities Discount House Limited, Guaranty Trust Bank, Keystone Bank Limited, Stanbic IBTC Bank, Standard Chartered Bank Limited, and Union Capital Markets Limited. Published under Cement News
