Eat N' Go Nigeria Limited

Image placeholder
Eat & Go Finance SPV Plc’s Series 2 Senior Unsecured Bonds (2021-12)
  • Eat N' Go Nigeria Limited
  • Year : Dec 2021
3 Tokens
USD 300.00
Summary

ENG, the Issuer and the Bond Trustees have executed a deed of covenant, pursuant to which ENG, in its capacity as the Guarantor, absolutely, irrevocably, and unconditionally guarantees the punctual and full payment of all debt and obligations owed by the Issuer under the Programme. According to the Deed of Covenant, the Sponsor undertakes that if the Issuer does not pay any of the obligations, it will immediately perform the payment obligations of the Issuer as if it were the primary obligor.

Additional Information

The Series 2 Bonds are direct, general, irrevocable, unconditional, senior, and unsecured obligations of the Issuer in favour of the Bond Trustees on behalf of Bondholders, ranking pari passu with all other senior and unsecured obligations of the Issuer. The Series 2 Bonds will bear a fixed interest rate to be determined post book-building. Interest will accrue on the Bonds from the issue date and will be payable semi-annually in arrears. The Stable Outlook reflects GCR’s opinion that ENG will continue to generate robust earnings and cash flow, which should see credit protection metrics and liquidity profile improve in the coming years.

Related Publication

Chellarams Plc (2018-12)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Nigeria’s Capital Markets: Robust Corporate Debt Issuance Expected Over 2021

GCR expects corporate debt issuance in Nigeria to remain robust throughout 2021. Debt capital market activity in Nigeria has increased significantl...

The Importance of Portfolio Covenants and Early Amortisation Triggers in Revolving Securitisation Transactions

Securitisations are either structured as amortising or revolving transactions whereby the principal collections from the asset portfolio are used t...

Available Purchase Options: