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April 15, 2024
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GCR confirms full redemption of Lekki Gardens’ N3.5b 3-year series 1 bond

The leading financial sector rating agency, Global Credit Rating (GCR), has confirmed that Nigeria’s foremost real estate investment company, Lekki Gardens Estates Limited, has completed the repayment of her N3,500,000,000.00 series 1: 3-year bond on its maturity date in January 2024. This confirmation was contained in an announcement published on the agency website recently.

The N3.5billion 3-year series 12.00% bond was the company’s debut in the Nigerian debt capital market in January 2021. A N25,000,000,000.00 commercial paper programme followed this in June 2022. The company successfully redeemed and repaid the subscribers of the N4,180,000,000.00 series 1 (tranches A & B) issuances under the Commercial Paper programme in April and June 2023, respectively.

The Global Credit Rating just recently also affirmed Lekki Gardens’ national scale long-term and short-term issuer ratings of BBB+ and A2, respectively, with a stable outlook.

According to GCR, “the rating affirmation reflects LekkiGardens’ modest leverage metrics and well-managed liquidity, which have supported the ongoing operations and sustained its competitive position within the Nigerian property development sector.

Lekki Gardens is Nigeria’s leading property development company, with a track record of having delivered over 15,000 residential and retail units since inception in 2012. The company has several ongoing projects across choice locations in Lagos, Rivers, Ogun states and the Federal Capital Territory.

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