Displaying items by tag: bond
BBMG Corporation issues US$464m in fixed-rate bonds
07 September 2021China: BBMG has issued US$464m-worth of short-term fixed-rate bonds. China Knowledge Press News has reported that the company says that the bonds were issued at face value. Their maturity date is 25 March 2022.
Dangote Cement completes US$734,000 bond issuance
17 June 2021Nigeria: Dangote Cement has successfully issued 50bn fixed rate senior unsecured bonds. The total value of the multi-instrument issuance programme is US$734,000. The proceeds of the bond issuance will be used to pay for expansion projects, short-term debt refinancing and working capital requirements.
Cemex concludes sale of subordinated notes
10 June 2021Mexico: Cemex has concluded the sale of subordinated notes with a value of US$1.0bn. The company says that it will use the proceeds from the bonds sale for various purposes, including debt repayment.
Chief financial officer Maher Al-Haffar said, “The purpose of this transaction is to further Cemex in its pursuit of an investment grade capital structure and a commensurate leverage ratio.”
India: Birla Corporation’s board of directors has approved the issuance of up to US$27.3m-worth of secured redeemable non-convertible debentures (NCDs). The Telegraph newspaper has reported that the company will issue the NCDs in one or more tranches before May 2022.
UltraTech Cement’s board approves US$411m bond issuance
04 February 2021India: The board of UltraTech Cement has voted to raise up to US$411m through issuance of US dollar-denominated bonds. The company will use the proceeds to refinance existing Indian Rupee debt, with the remainder reserved for regular on-going capital expenditure requirements and general corporate purposes.
BUA Cement issues US$290m bond
05 January 2021Nigeria: BUA Cement has successfully concluded a US$290m Series 1 fixed-rate senior unsecured bond issue. The Punch newspaper has reported that the company utilised US$290m of its US$505m maiden bond issue in line with regulatory guidelines. It was nonetheless oversubscribed by nearly US$350m. The group said that it will apply to dual-list the bond on the relevant exchanges, subject to necessary approvals.
India: UltraTech Cement has raised around US$137m through unsecured redeemable non-convertible debentures (NCD). It has allotted 10,000 NCDs, each worth US$13,700, by private placement. The NCDs will reach maturity on 29 December 2023.
LafargeHolcim launches sustainability-linked bond for Euro850m
18 November 2020Switzerland: LafargeHolcim has launched a Euro850m sustainability-linked bond with a coupon of 0.5% maturing in 2031. It says it is the first bond of its kind in the building materials industry and that it is part of its commitment to reach its 2030 CO2 reduction target.
“We are proud to be the first in our industry to launch a sustainability-linked bond. The order book of Euro2.6bn demonstrates the confidence of investors in the company’s financial strength, strategy and ability to deliver on its sustainability targets,” said Géraldine Picaud, Chief Financial Officer of LafargeHolcim.
Bond investors will be entitled to a higher coupon should the company not meet its objective, incentivising LafargeHolcim to reach its target of 475kg net CO2 per tonne of cementitious material by 2030.
India: Jaiprakash Associates has missed interest payments on a non-convertible debentures (NCD) for more than three months. It reported similar defaults on NCDs in April 2017. The indebted cement producer is selling integrated cement plants with a production capacity of 17.2Mt/yr and grinding plants with a capacity of 4Mt/yr to UltraTech Cement.
Germany: HeidelbergCement has issued a Eurobond with a value of Euro1bn and a maturity date of 30 March 2023. The international bond has a fixed coupon of 2.25%/yr.
The proceeds from the bond will be used to pre-fund the upcoming Italcementi acquisition and other general corporate purposes. Subsequently, the bridge financing for the takeover will be reduced from Euro2.7bn to Euro2bn. The bridge financing will be refinanced by free cash flow, the sale of production sites and the issuance of bonds.