By InvestAdvocate

Lagos (INVESTADVOCATE)-Cement producer, Lafarge Africa Plc said on Tuesday it seeking the approval of the Securities and Exchange Commission (SEC) to issue a N100 billion Series I and II Bond.

The cement producer disclosed that the SEC also confirmed the commencement of the Book Build up to N60 billion bond issuance.

“The company is in the process of finalising the issuance of the Series I and Series II Bonds, following which the transaction documents will be updated and submitted for clearance by the SEC. The Signing Ceremony will hold once the SEC ‘No Objection’ is obtained.

Additional information will be provided once the allotment of the Series I and Series II Bonds is finalised,” Lafarge Africa said in a notice to the Nigerian Stock Exchange (NSE).

This is coming on the heels of an application submitted to the SEC on behalf of the company by a letter dated May 27, 2016 confirming the registration of the company’s N100 billion Bond Issuance Programme and the clearance of the draft documents submitted in respect of the Series I and Series II Bond Issuances.

According to Lafarge Africa, the Commission has also confirmed the commencement of the Book Build.