Geregu Power Plc says it is working with relevant stakeholders and financial advisers to address concerns over the repayment of its N40.09 billion bond obligations.
The company disclosed this following its default on the eighth coupon payment and fourth bullet principal repayment of its N40.09 billion Series 1 Senior Unsecured Bond.
The bond was raised to support Geregu Power’s funding requirements and finance its planned expansion projects.
Geregu Power said discussions are ongoing with the relevant parties as it seeks to resolve the repayment concerns and determine a way forward.
The development comes amid growing attention to the company’s financial obligations and its ability to meet scheduled debt-servicing commitments.
The Series 1 bond formed part of the company’s financing strategy as it sought to strengthen its operations and expand its power-generation capacity.
Geregu Power said it remains committed to engaging stakeholders and advisers towards resolving the matter.
The company’s latest position follows reports of the missed payment, which has raised concerns among investors and other stakeholders over the status of the N40.09 billion debt.
Geregu Power is one of Nigeria’s major electricity-generating companies, with its operations centred on power generation and the supply of electricity to the national grid.
