InfraCredit Guarantees PAT Digital Infrastructure Bonds
InfraCredit has announced its guarantee of PAT Digital Infra Fund SPV PLC’s ₦10 billion 10-year series I senior guaranteed fixed-rate Infrastructure bonds due 2032 under its ₦50 billion debt issuance programme, according to a statement.
PAT Digital Infra Fund SPV PLC is a special purpose funding vehicle established by Pan African Towers Limited as part of the company’s capital-raising plan, InfraCredit said in the statement issued.
Fixed income securities traders reported that the bond issue was oversubscribed by 127 per cent by ten institutional investors, including the domestic pension funds and insurance companies.
The proceeds will be used to finance the roll-out of new environmentally friendly tower sites to enhance telecommunication coverage and service quality and reduce the sector’s carbon footprint by swapping out diesel generators with renewable energy sources.
The bonds were accorded an ‘AAA’ long term credit rating by Agusto and Co. and GCR, reflecting the high degree of creditworthiness and the robust quality of the bonds.
The bonds were priced off the yield on the comparable FGN sovereign bonds, providing a unique opportunity for pension fund managers to diversify their portfolios with “AAA” rated, risk-adjusted return yielding assets. #InfraCredit Guarantees PAT Digital Infrastructure Bonds
