Geregu Power bond default rattles investors as earnings plunge 88%
Issued on July 28, 2022, under the company’s N100 billion debt issuance programme, the seven-year bond carries a fixed interest rate of 14.09 billion Series 1 Senior Unsecured Bond, missing both its eighth semi-annual coupon payment and scheduled fourth principal repayment.
The ratings agency expects the company’s performance to recover after completion of the turbine overhaul, with improved generation and revenue as available capacity returns to the national grid.
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