Wapco Cement to issue NGN50bn bond

Wapco Cement to issue NGN50bn bond
Published: 22 September 2011

Lafarge Cement Wapco , the Nigerian unit of Lafarge, plans to issue a NGN50bn (US$318m) bond to refinance loans it took to construct a factory aimed at doubling it capacity.

Finance director Fred Amobi said on Wednesday it was targeting a yield of 10-11 per cent for the planned three-year bond and it would issue the paper through a book-building process which will end on Sept. 27.

He said the plan was to list the bonds on the Nigerian Stock Exchange on October 3.

"It is a NGN50bn (but) we will take a minimum of NGN20bn. We are looking at a maximum benchmark price of 11 per cent and that will determine how much we are going to take. If the pricing is within our expectation then we will take more," Amobi told Reuters in an interview.