image

Agusto & Co. affirms the “A-” rating assigned to C&I Leasing Plc’s ₦7 Billion Series 1 Fixed Rate Senior Secured Five-Year Bond

Rating Release

Agusto & Co. affirms the “A-” rating assigned to C&I Leasing Plc’s ₦7 Billion Series 1 Fixed Rate Senior Secured Five-Year Bond

The rating expires on 30 June 2020.

Agusto & Co. hereby affirms the “A-” rating assigned to C&I Leasing Plc.’s (‘the Issuer’ or C& I Leasing’) ₦7 billion Series 1 Fixed Rate Senior Secured Five-Year Bond (‘the Issue’ or ‘the Bond’).

The Bond is secured by 10 marine vessels (“the Security”) owned by the Issuer and valued at ₦9.7 billion on the open market by Ubosi Eleh & Co. with a forced sale value of ₦7.3 billion. The Bond’s interest is payable semi-annually and the principal on the Issue is also repaid semi-annually on an amortized basis through a sinking fund account.

The Bond’s rating is supported by the Issuer’s rating as well as an expectation of substantial recoveries from the enforcement of the Security under the forced sale valuation and under an additional stressed scenario.

 

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.