Lafarge Africa Plc has announced the Redemption of N26.4 billion 14.25%, 3 year fixed rate series 1 bond.
The announcement was made available on Wednesday 19th June, 2019 through the NSE Corporate Disclosure and the breakdown is as follows:
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.