Nigeria: Lafarge Africa refinances with five-year bonds

Lafarge Africa (LafargeHolcim Group) has raised NGN60bn (US$184m) by issuing three and five-year bonds through book building. The cement producer issued a three-year bond at 14.25 per cent to raise NGN26.38bn and sold a five-year bond at 14.75 per cent to raise NGN33.62bn, it said in a statement.

Previously, in April, Lafarge Africa reported that it would refinance some dollar-denominated debt at subsidiary United Company of Nigeria (UNICEM), which it bought a year ago. The refinancing would include a US$300m loan from LafargeHolcim.