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BUA completes maiden N115bn bond issue

BUA Cement PLC has announced that it has successfully concluded its N115 billion Series 1 Fixed Rate Senior Unsecured Bond Issue under its maiden N200bn…

BUA Cement PLC has announced that it has successfully concluded its N115 billion Series 1 Fixed Rate Senior Unsecured Bond Issue under its maiden N200bn Bond Issuance Programme.

With this development, BUA Cement’s Series 1Bond becomes the largest ever Corporate Bond issued in the Nigerian Debt Capital Markets and signposts growing investor confidence in Nigeria’s second largest cement company.

According to the company, an application will be made to dual-list the bonds on the relevant exchanges upon receipt of the necessary approvals.

BUA Cement’s N100bn Series 1, 7-years Issue priced at a competitive fixed rate of 7.5% and was oversubscribed to the tune of N137.82bn just as the company announced that it will only utilize N115 billion in line with regulatory guidelines.

Speaking on the significance and success of the Series 1 Issue, Abdul Samad Rabiu, Chairman, BUA Cement said, “Last year, we made a strategic decision as a proudly Nigerian company to list BUA Cement on the Nigerian Stock Exchange. This was in line with our core strategy to continue seeking out viable investment and growth opportunities within Nigeria.

“We remain committed to unlocking opportunities within the industry for Nigeria.”

In his comments, Engr. Yusuf Binji, Chief Executive Officer, BUA Cement, said that the success of the first series in the BUA Cement bond issuance programme underscored the strength of the BUA Cement brand.

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