Lafarge Africa Plc earlier today announced the redemption of its matured N33.6 Billion 14.75% 5-year fixed rate series 2 bond. The bond was due on June 15, 2021, according to the company’s regulatory filing with the Nigerian Exchange Group Ltd.
Business Elites Africa understands that the company had, in June 2016, registered a N100 billion bond issuance programme, out of which the sum of N60 billion 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 14.25% which has since been repaid. Meanwhile, the matured Series 2 bond which was issued on June 15, 2016 with a 5-year tenor at a fixed tenor of 14.75%, has now been repaid.
Leveraging on its performance and its recently concluded management strategic plans to systematically deleverage the company, Lafarge Africa has redeemed the Series 2 Bond from internally generated cashflow. In view of this, therefore the company has no more outstanding issued bond under the N100 billion bond
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