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
Cement 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.
