Rating Release
Agusto & Co. hereby affirms the ‘Bbb+’ rating assigned to C&I Leasing Plc’s 7-Year ₦10 Billion Senior Secured Fixed Rate Series II Bond with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby affirms the “Bbb+” rating assigned to C & I Leasing Plc’s (“C&I” or “the Issuer”) Series II ₦10 billion 7-Year 15.5% Fixed Rate Senior Secured Bond (“the Issue” or “the Bond”). The Bond is secured by 10 marine vessels (“the Security”) owned by the Issuer and valued at ₦15.7 billion on the open market by Ubosi Eleh & Co. in January 2023, with a forced sale value of ₦11.7 billion. This indicates an 80% recovery rate for the principal and coupon outstanding amount of ₦14.7 billion on the Bond. The Issue’s interest is payable semi-annually while the principal will also be repaid semi-annually on an amortised basis from a sinking fund account following a two-year initial moratorium. The rating is also two notches up the standalone rating of C&I due to the security of the vessels.
C&I Leasing Plc is a leasing group that provides business logistics and outsourcing services in Nigeria and Ghana. The Issuer’s total assets stood at ₦58.3 billion as at 2022 FYE
