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
May 9, 2016 Read time: 1 min

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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November 26, 2014

Nigeria: NCH to acquire 30% of UNICEM

Nigeria Cement Holding (NCH), the Nigerian subsidiary of newly-merged Holcim and Lafarge, is to pay NGN 55 billion (€250.88 million/US$310.38 million) to buy the remaining 30% of United Cement Company of Nigeria (UNICEM).

The price may vary depending on the exchange rate between the Nigerian Naira and the US dollar at the time of payment.

A first tranche of 15% will be bought in the first quarter of 2015 and the remaining 15% in February 2016 at the latest.

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