Nigeria: Lafarge Africa launches US$302m refinancing bond

Bymc2008

Updated Fri, 06 May 2016 17:55:06 GMT

Nigeria: Lafarge Africa is marketing a US$302m bond to refinance some of the US Dollar-denominated debt held by its subsidiary United Company of Nigeria (UNICEM), which it bought in 2015. Chief finance officer Anders Kristiansson said that there was strong interest for the bond and that book-building was expected to open in the second week of May 2016.

The cement maker said it had received approval from Nigeria's Securities and Exchange Commission (SEC) for a US$500m bond, but will issue US$302m for five-years. "We are in the process of restructuring the UNICEM debt,” explained Kristiansson. "We want to refinance the US Dollar borrowings that we have in UNICEM."