Lafarge Africa Plc Redeems 5-Year Fixed Rate Series 2 Bond Worth N33.6bn
Lafarge Africa Plc has announced the redemption of its matured N33.6 billion Series 2 bond due on June 15, 2021.
This is according to a notice signed by the company’s Chief Finance Officer, Lolu Alade-Akinyemi, and sent to the Nigerian Exchange Group Limited.
According to the notice, the redeemed bond was issued on June 15, 2006 with a 5-year tenor and a fixed coupon of 14.75 per cent.
Sequel to this, the firm has announced the redemption of the matured bond.
Affirming this, a part of the recently issued notice read thus: ‘’ The Company 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 cash flow.
‘’In view of this, the Company has no outstanding issued Bond under the N100 Billion Bond issuance Programme.’’
Lafarge Africa Plc had 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 Series 1 bond was issued on June 10, 2016 with a 3-year tenor and at a fixed coupon of 14.25 per cent. This bond has since been redeemed.
‘’In view of this, the Company has no outstanding issued Bond under the N100 Billion Bond issuance Programme.’’
Lafarge Africa Plc had 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 Series 1 bond was issued on June 10, 2016 with a 3-year tenor and at a fixed coupon of 14.25 per cent. This bond has since been redeemed.
In addition, the Series 2 bond which was due to mature on June 15 2021, has now been fully redeemed.
