Rating Release
Agusto & Co. hereby affirms the “A-” rating assigned to Alpha Mead Funding Company Plc’s ₦1.45 billion 19.76% Fixed Rate Series 1 Tranche A Bond Due 2020 and attaches a stable outlook:
This rating expires 30 June 2020
The Series 1 Tranche A Bond is a Short Term 18-month Bond with two redemption periods – initial partial redemption on the first anniversary of the Bond and final redemption on the maturity of the Bond. The initial and final redemption payments were made to the Bondholders as and when due, reflecting adequacy of funds in the Series 1 Bond Payment Account held with the Bond Trustees as well as the Issuer’s commitment to redeem the Bond obligations in a timely manner.
Alpha Mead Funding Company Plc (“AM Funding”, “the Issuer” or “SPV”) is a special purpose company incorporated by Alpha Mead Facilities & Management Services Limited (“AMFM”, “AM Facilities” or “Sponsor”) with the sole responsibility of providing debt finance to companies in the Alpha Mead Group, by issuing capital market instruments. Alpha Mead Facilities & Management Services Limited is a leading facilities management service provider in Nigeria, with operations in more than 120 sites across Nigeria and West Africa. AM Facilities together with subsidiaries and affiliates (also known as the Alpha Mead Group) provide traditional facility management services as well as ancillary real estate solutions in the areas of real estate development, business advisory, systems & security solutions, healthcare management services and training.
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such.
