Lafarge Africa Plc, a leading Sub-Saharan Africa building materials company has announced the redemption of its matured N33.6 billion Bond due on June 15, 2021.
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 Seriesb1 Bond was issued on June 10, 2016 with a 3-year tenor and at a fixed coupon of 14.25%, which has been repaid, while the matured Series 2 Bond issued on June 15, 2016 with a 5-byear tenor at a fixed tenor of 14.75% has now been repaid.
In a notification at the Nigerian Exchange Limited, signed by Lolu Alade-Akinyemi Chief Financial Officer, the company said it was “leveraging on its performance and its recently concluded Management strategic plans to systematically deleverage the Company, has redeemed the Series 2 Bond from internally generated cashflow.
“In view of this, the Company has no outstanding issued Bond under the N100 billion Bond issuance Programme.” Lafarge Africa is a subsidiary of LafargeHolcim, a world leader in building materials.