Geregu Power fulfills payment on N40.1bn bond after brief default
Geregu Power Plc has announced the payment of its eighth coupon and part of the principal on its N40.085bn Series 1 Fixed Rate Bond. The company made the payment to bond trustees, covering both interest and a portion of the principal. Geregu Power Plc faced a brief credit default after missing an N6.03bn obligation but has now taken steps to resolve this. The company reaffirmed its commitment to stakeholders and regulatory compliance.
TLDR
- Geregu Power Plc paid the eighth coupon and part principal on its N40.085bn Series 1 Fixed Rate Bond.
- The company previously missed an N6.03bn payment, leading to a brief credit default.
- The FMDQ Securities Exchange flagged the bond as “credit default,” and Agusto & Co. temporarily withdrew its ‘A-’ rating.
- Geregu Power Plc stated that legacy issues would not affect its ability to meet financial obligations.
- The company thanked stakeholders and regulators, emphasizing its dedication to shareholder value and corporate governance.
