RMBNigeria said it is proud to have worked with Dangote Industries Limited to facilitate a corporate bond issuance in the Nigerian capital markets.

It said the N187.58bn Series 1 issuance was aimed at part-financing the completion of the Dangote Petroleum Refinery Project, a key infrastructure project for Nigeria and West Africa, which is currently scheduled to commence operations in the first half of 2023.

RMBNigeria stated that it acted as a joint issuing house and bookrunner on the milestone transaction and remained a trusted adviser to Dangote Industries.

RMB provided valuable advice in the evaluation, marketing and execution of the transaction, it stated.

The statement said, “Dangote Industries is a leading, diversified and fully integrated conglomerate with operations in Nigeria and Africa with 11 distinct business lines across a wide range of industries; including cement, sugar, salt, condiments, packaging, energy, fertiliser and petrochemicals.

“Dangote Industries via its funding vehicle, Dangote Industries Funding Plc, sought to raise N150bn via the Series 1 bond offer with the option to upsize under its N300bn debt issuance programme. The Series 1 bond offer comprised of Tranche A: 7-year and Tranche B: 10-year, Senior Unsecured Fixed Rate Bonds (“the Bond”).”

The Co-Head Banking Division, Rand Merchant Bank Nigeria Limited, Chidi Iwuchukwu, said, “We are delighted to have worked on this landmark transaction and are grateful to the board and management of Dangote Industries Limited for appointing us as Joint Issuing House and Bookrunner.

“The success of the transaction reflects the strong credit quality of Dangote Industries Limited and the growing resilience of the Nigerian debt capital markets. We remain a long-term partner and trusted adviser to Dangote Industries Limited and its subsidiary companies.”