Dangote Industries Limited (DIL) issued a Series 1 Bond offer under on June 30th this year under its ₦300bn Debt Issuance Programme.
The deal comprised of two tranches of seven and ten years. Each tranche priced at the “higher range” of the initial price guidance, of 12.25% to 12.75% and 13.00% to 13.50% for each tranche respectively, says Abiodun Keripe, managing director, Afrinvest, Research and Consulting.
The bond was oversubscribed, with ₦10bn demand for the sever-year tranche and ₦176bn for the ten-year offering. The deal was approved by the Securities and Exchange Commission of Nigeria (SEC) on 16th July, nearly three weeks after the initial issue.
