THE Global Credit Rating, GCR, has confirmed that Lekki Gardens Estates Limited has completed the repayment of its N3.5 billion Series 1: 3-Year Bond on its maturity date in January 2024.

Confirming the repayment on the agency’s website, recently, the N3.5 billion 3-Year Series 12 per cent 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.

However, the company successfully redeemed and repaid the subscribers of the N4, 180 billion Series 1 (Tranches A and B) issuances under the Commercial Paper programme in April and June 2023, respectively.

The GCR said: “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.”

Lekki Gardens is Nigeria’s leading property development company, with a track record of having delivered over 15,000 residential and retail units since inception in 2012.