Lafarge Africa redeems its matured N33.6bn bond

Lafarge Africa Plc has announced the redemption of its matured N33.6billion
Bond due on June 15, 2021.

The Company registered a N100 billion Bond issuance programme in June 2016, out of which the sum of N60billion was issued in Series 1 and 2 of the programme.

The matured Series 1 Bond was issued on June 10, 2016, with a 3-year tenor and at a fixed coupon of 14.25percent, which has been repaid, while the matured Series 2 Bond issued on June 15, 2016, with a 5-year tenor at a fixed tenor of 14.75percent has now been repaid, the company said in a notice at the Nigerian Exchange Limited (NGX)

Lafarge Africa Plc leveraging on its performance and its recently concluded Management strategic plans to systematically deleverage the Company has redeemed the Series 2 Bond from internally generated cashflow.

In view of this, the Company has no outstanding issued Bond under the N100 billion Bond issuance Programme.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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