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.
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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.
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