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Kogi state government has restructured its sub-national bonds to extend the maturity date of the two bonds by three years.
The government restructured its Kogi State N5 billion Series I 15 per cent Fixed Rate Bond and N3 billion Series II 17 per cent Fixed Rate Bond under the state’s N20 billion debt issuance programme.
The N5 billion bond, which was expected to mature in December 2020, has been extended till December 2023 while the N3 billion bond, which was earlier scheduled with maturity in March 2022, will now mature in March 2025.
Market sources said the bonds were restructured as part of financial management strategy of the state government.
Credit: The Nation
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