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Stanbic IBTC Concludes Dangote Cement’s Second Tranche Issuance Of N50bn CP



Stanbic IBTC Capital and Stanbic IBTC Bank, have partnered with Dangote Cement Plc to conclude its second tranche of N50 billion series three and four Notes.

This is under the recently established Dangote Cement’s N150 billion CP Programme. Issuance of the Series three and four Notes closed on August 17, 2018.

Stanbic IBTC Capital is the sole arranger of the CP Programme, and acted as joint dealer for the Series 3 and 4 Notes, whilst Stanbic IBTC Bank is the issuing, calculation and paying agent for all Notes issued under programme. The Series 3 and 4 Notes will be listed on Nigeria’s FMDQ OTC Securities Exchange.

Speaking in relation to the highly successful offering, the executive director and head, Debt Capital Markets, Stanbic IBTC Capital, Kobby Bentsi-Enchill, expressed delight that Dangote Cement was able to achieve yet another landmark CP issuance, within six weeks of its inaugural offering.

According to Bentsi-Enchill, Stanbic IBTC Capital is committed, in line with the Stanbic IBTC Group’s value proposition and investment banking pedigree, to assist our clients with high quality advisory and arranging services that enhances their growth and expansion prospects by providing access to a diverse range of financing options within the domestic capital markets.

“Stanbic IBTC Capital will continue to exploit opportunities that support our clients with access to critical funding, short and long term, for their needs. This, we expect, will help stimulate growth via the mobilisation of debt and equity capital market instruments. 

“We will continue to leverage our excellent investment banking pedigree as well as the strength of our franchise in the Standard Bank Group, the largest financial institution in Africa, to consummate such big ticket deals that will not only help businesses grow but also help deepen our capital markets”, Bentsi-Enchill added.

The group chief executive officer, Dangote Cement, Engineer Joseph Oyeyani Makoju, expressed the Company’s satisfaction with the choice of Stanbic IBTC as a preferred partner, considering the financial institution’s strong pedigree and expertise in investment banking.

On the issuance, Makoju stated, “this landmark transaction, even more impressive than our first outing, remains still the largest-ever Commercial Paper issuance by a corporate issuer in Nigeria. In addition to helping us achieve our strategic objective of broadening our sources of funding, we have also made remarkable strides towards lowering our overall cost of borrowing.”

Makoju said, “The success of this programme reflects the high quality of our business and its strong cash generation capacity, made possible by our market leading positions in Nigeria and across Sub-Saharan Africa, where demand for cement is growing rapidly.”

The establishment of the Dangote Cement Commercial Paper Programme is another testament to Stanbic IBTC Capital’s industry leadership in investment banking, issuing house and financial advisory services.



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