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Dangote Industries Boosting Nigerian Debt Market Activities

by Olushola Bello
3 years ago
in Featured, Business
Dangote

Aliko Dangote

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Activities in the domestic debt market have increased as corporates continue to take advantage of the relatively low yields in the market to fund business expansion, amongst others. Dangote Industries Limited has look into this direction in deepening the Nigerian debt market by the successful completion of its N187.6 billion Series 1 Bond Issuance, which is the largest corporate bond ever issued in the history of the Nigerian capital market.

 

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The debt market, bond market, fixed-income market, or credit market is the collective name given to all trades and issues of debt securities. Governments typically issue bonds in order to raise capital to pay down debts or fund infrastructural improvements. Publicly traded companies issue bonds when they need to finance business expansion projects or maintain ongoing operations.

 

A bond functions as a loan between an investor and a corporation. The investor agrees to give the corporation a certain amount of money for a specific period of time. In exchange, the investor receives periodic interest payments. When the bond reaches its maturity date, the company repays the investor.

 

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The Bond Issue comprised seven-year Tranche A and 10-year Tranche B bonds. The seven-year Tranche A bonds priced at 12.75 per cent and the 10-year Tranche B bonds priced at 13.50 per cent. The Bond Issue attracted participation from a diverse range of institutional investors including pension funds and asset managers, supported by an AA+ rating from GCR and an AA (ngr) rating from Fitch.

 

The Bond notes will be listed on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ).
The strong level of subscription is an indication of the investor confidence placed in Dangote Industries’ position as the largest and most diversified industrial conglomerate in West Africa, its strong management team, business strategy and credit profile. The Sponsor will apply the proceeds of the Bond Issue to part-finance the Dangote Petroleum Refinery Project.
Speaking on the landmark issuance at the signing ceremony, recently, the managing director of Dangote Industries, Mr. Olakunle Alake, expressed delight at the remarkable success of the Bond Issue and thanked the issuing houses and other professional parties for working tirelessly to ensure the timely and successful completion of the Bond Issue.
According to Alake, we are highly pleased at the level of reception from the investor universe on the Series I bond issuance and to have set this remarkable milestone, showcasing the depth and liquidity of the Nigeria Debt Capital Market.
“The success of this transaction further demonstrates investor confidence in our credit story and the appreciation of the work done by the Group across several key sectors that are crucial to the development of the continent.
“The proceeds from this landmark transaction will be used to part-finance the Dangote Petroleum Refinery Project which is the initiative by the Group to establish the largest refinery in Africa, thus positioning Nigeria as a net exporter of refined crude. We appreciate the trust which our investors have reposed in us, as well as our various advisors and stakeholders.”
The managing director/chief executive officer of Vetiva Capital Management Limited, Chuka Eseka, said, “Vetiva is delighted to have acted as joint lead issuing house/bookrunner on the Series 1 Bond Issuance, which represents the largest single bond issuance by a corporate in the Nigerian capital market.
“This impressive outing by DIL is a testament to investor confidence in the Company and the revolutionary potential of the project to be funded with the proceeds of the bond issuance. We thank the Board and Management of Dangote Industries for trusting us and the other professional parties on this landmark transaction and giving us the opportunity to deploy our capital raising expertise on the issuance.”
Speaking on the transaction executive director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa of Standard Chartered, Mr Olukorede Adenowo, noted that “On behalf of the issuing houses, we are proud to have led this historic transaction which reflects the strong credit quality of the issuer as well as the resilience of the Nigerian domestic debt capital markets, despite the current global market volatility.
“We thank the Board and Management of the Dangote Group for continuously striving to develop the domestic debt capital markets and setting records through its various issuances both at the subsidiary and Group levels. We also thank the Securities & Exchange Commission (SEC), Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited for their unwavering support throughout this entire process.”
The executive principal, Debt Capital Markets, Amaka Nsofor, highlighted that “We are very pleased with this remarkable feat. In line with our mandate, we will continue to work with our clients across Africa to deliver on their growth aspirations and use our market leading position in the capital market to drive development on the continent.”
Standard Chartered Capital & Advisory Nigeria Limited acted as the Lead Issuing House and Bookrunner on Transaction, while Vetiva Capital, Meristem Capital, Stanbic IBTC 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 acted as Joint Issuing Houses.
Dangote Industries is one of the leading, diversified and fully integrated conglomerate with operations in Nigeria and Africa across a wide range of industries, including cement, sugar, salt, condiments, packaging, energy, fertiliser and petrochemicals. Its core business focus is to provide local, value-added products and services that meet the ‘basic needs’ of the African populace through the construction and operation of large-scale manufacturing facilities in Nigeria and across Africa. DIL is focused on building local manufacturing capacity to generate employment, reduce capital flight from Africa and increase local value additions.
The Group has 11 distinct business lines, with the cement, sugar and salt business currently contributing majority of the group earnings. These subsidiaries are industry leading players with strong brand values, underpinned by long operational track record, diverse customer base, ongoing investments in capacity expansion and control over their respective value chains. DIL also has two project companies, Dangote Oil Refinery Company Limited (DORC) and Dangote Fertilizer Limited (DFL), located at the Lekki Free Zone in Lagos State, who (together with DIL) will serve as co-obligors on the Offer. DORC is a 650,000 barrels per day (b/pd) integrated crude oil refinery and petrochemical plant, which is expected to be Africa’s largest oil refinery, while DFL is expected to be Africa’s largest granulated urea fertiliser manufacturing facility, with a production capacity of up to 2.8 Mtpa.


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