Financial sector rating agency, Global Credit Rating (GCR), has confirmed that Nigerian real estate investment company, Lekki Gardens Estates Limited, has completed the repayment of its N3.5 billion series 1: three-year bond on its maturity date in January 2024.

This confirmation was contained in an announcement published on the agency website.

The bond was the company’s debut in the Nigerian debt capital market in January 2021. A N25 billion-commercial paper programme followed this in June 2022. The company successfully redeemed and repaid the subscribers of the N4.18 billion series 1 (tranches A & B) issuances under the commercial paper programme in April and June 2023, respectively.

GCR 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 Lekki Gardens’ modest leverage metrics and well-managed liquidity, which have supported the ongoing operations and sustained its competitive position within the Nigerian property development sector.