Dangote Cement Plc said it got approval from Nigerian regulators to issue $833 million in local-currency bonds as it seeks to fund expansion and refinance debt.
However, Chief Financial Officer Brian Egan said Dangote cement plans issue the debt over three years.
He said the bond will be issued in tranches of 50 billion naira at a time whenever interest rates are favorable.
Egan said the company, controlled by Africa’s richest man Aliko Dangote, is also considering to sell Eurobonds to boost its funding.
Dangote is planning to spend $350 million on capital projects this year, including the building of export facilities at Nigeria’s seaports, which will see it begin shipments of clinker and cement to neighboring West African countries.
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