Geregu Power Plc Unveils ₦40bn Series I Fixed Rate Senior Unsecured Bonds

Geregu Power Plc, a power generation company located at Itobe–Ajaokuta, Kogi State, on Friday, July 1, 2022, announced the opening of its ₦40bn Fixed Rate Senior Unsecured Bonds, under its ₦100 billion Multi-Instrument Debt Programme.

Net proceeds from the series 1 bond issuance, scheduled to close on Friday, July 8, 2022, will be used to part-finance the expansion of its current power generation capacity.

Coupon payment on the Naira-denominated issue with a seven-year tenor due 2029, with pricing ranging from 12.75% to 13.25%; a 24-month moratorium on the principal repayment, will be semi-annual.

The plant owned and operated by Amperion Power Distribution Company Limited with an 80% stake and 20% retained by the Federal Government of Nigeria (jointly held by the Bureau of Public Enterprise and the Ministry of Finance Incorporated),

Geregu Power is currently rated (A) by GCR Ratings and (“Bbb+”) by Agusto & Co.