Lafarge Africa redeems N33.6bn bond

Lafarge Africa has announced the redemption of its matured N33.6 billion bond due on June 15, 2021.

The company said on Thursday in a statement that it 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.

It said the matured Series 1 bond issued on June 10, 2016 with a three-year tenor and at a fixed coupon of 14.25 per cent had been repaid.

Lafarge Africa said the matured Series 2 bond issued on June 15, 2016 with a five-year tenor at a fixed tenor of 14.75 per cent had also been repaid.

It said, “The company, leveraging on its performance and its recently concluded management strategic, plans to systematically deleverage the company, and 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.”