Chrisland Schools Limited (Jun 2023)

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Filename Chrisland-Schools-Public-Credit-Report-Jun-2023.pdf
Filesize 196.29 KB
Version paid report
Date added June 29, 2023
Category Corporates, Credit Rating Reports
Tags Nigeria

Chrisland Schools Limited (Chrisland or the company) was incorporated in October 1977 and has grown to become one of the largest private educational service providers in Nigeria. The company is wholly owned by the Awosika family and operates from 12 school units across Lagos and Abuja. The company is not part of any corporate group, nor has any operating subsidiary. In 2021, Chrisland incorporated Chrisland School Funding SPV Plc as a special purpose vehicle with the sole object of raising debt capital through bond issuances for the purpose of purchasing the notes issued by the Sponsor, Chrisland. The proceeds of the proposed bond issue would be used to fund the Sponsor’s capacity expansion programmes and refinance bank loans. Overall, we have applied a standalone analytical approach to the ratings.