Lafarge Africa Plc announces the redemption of its matured N26.4 Billion Bond due on June 15, 2019.
The Company registered a N100 Billion Bond issuance programme in June 2016 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%. The Company leveraging on its performance, its recently concluded Rights Issue as well as Management strategic plans to systematically deleverage the Company has redeemed the Series 1 Bond from internally generated cash flow.
The outstanding Balance of N33.6 Billion represents Series 2 of the N100 billion Issuance programme at a fixed coupon rate of 14.75%, a 5-year tenor and matures for redemption in June 2021.
