BUA Cement has notified the Nigerian Exchange and the investing public that it has been granted $500m loan facility by International Finance Corporation.
This announcement is further to the company’s disclosure dated 25th July 2022, wherein the investing public were notified that BUA Cement was considering engaging in certain
expansion projects and a debt raise of up to Five Hundred Million US Dollars ($500m) from International Finnane Corporation (IFC) in its capacity as lead Arranger in conjunction with other lenders.
BUA Cement has achieved financial close in connection with the Financing to be provided by a syndicate of lending development finance institutions, led by International Finance Corporation (IFC), with participation from African Development Bank (AfDB), Africa Finance Corporation (AFC), and Deutsche Investitions – undEntwicklungsgesellschaft (DEG).
BUA Cement intends to utilize this facility to finance the ongoing expansion of its integrated cement plants in Kalambaina, Sokoto State, Nigeria.
The expansion will increase the plant’s capacity to 8.0 MTPA and as well as facilitate the development of other ancillary utilities.