Nigerian cement company BUA Cement PLC, Nigeria's second largest cement company, announces that it has raised 115 billion naira ($290 million) through a fixed rate senior unsecured bond issue.

The issue is part of BUA Cement PLC's first bond issuance program totaling N200 billion ($506 million). The BUA Cement issuance is the largest corporate bond ever issued in the Nigerian debt capital markets, according to the company.

Note that BUA Cement's N100 billion ($253 million) Series 1, 7-year issue priced at a competitive fixed rate of 7.5% and was oversubscribed by N137.82 billion. naira ($348 million). The company further says announced that it will only use N115 billion in line with regulatory guidelines.

BUA also announced plans to increase its production capacity to 20 million metric tons per annum (mtpa) by 2022. In addition, its latest 3 million mtpa plant in Sokoto currently under construction is expected to be ready in 2021. .