Rating Release
Agusto & Co. hereby affirms the “A-” rating assigned to Axxela Funding 1 Plc’s ₦11.5 billion 7-Year 14.3% Fixed Rate Bond Due 2027
The rating expires on 31 May 2024.
Agusto & Co. hereby affirms the “A-” rating assigned to Axxela Funding 1 Plc’s (“the Issuer” or “SPV”) ₦11.5 billion 7-Year 14.3% Fixed Rate Bond Due 2027 (“Series 1”, “Bond” or “Issue”) under the ₦50 Billion Bond Issuance Programme. The Series 1 Bond which has a fixed coupon rate of 14.3% is being paid semi-annually over the seven-year tenor of the Bond, while the half-yearly principal redemption commenced in November 2022 following the expiration of a two-year moratorium. The Bond which ranks pari passu with other senior obligations of the Co-Obligors – Axxela Limited and Gaslink Nigeria Limited, mirrors the standalone rating of the Sponsor (Axxela Limited1 ).
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.
