InfraCredit Redeems AFC's USD Preference Shares, Enhances Financial Flexibility

InfraCredit has successfully redeemed AFC's USD preference shares on the final maturity date of November 25, 2025, as per the share subscription agreement dated July 4, 2018. The redemption involved approximately 9.952 billion units of preference shares, totaling around $28.93 million, including accrued unpaid dividends.

This action marks AFC's exit from InfraCredit, simplifying the company's capital structure and removing future fixed foreign currency dividend obligations associated with the instrument. Despite this redemption, AFC remains a significant shareholder in InfraCredit, holding 4.36 billion ordinary shares representing 11.45% of InfraCredit's issued share capital.

The redemption of the preference shares is expected to enhance InfraCredit's long-term financial flexibility, particularly in supporting local currency infrastructure bond credit enhancement transactions across Nigeria. InfraCredit's ownership structure remains diversified, with institutional anchor investors like Nigeria Sovereign Investment Authority (NSIA), Access Bank, Pension Fund Administrators, AFC, CardinalStone, and other domestic and international investors.