Capital Structure
InfraCredit’s capital structure is composed of two tiers of capital: Core Capital and Callable Capital
Core Capital
The Core Capital is a highly liquid funded component of the paid in share capital and acts as a “first loss” protection to the beneficiaries of credit guarantees. Nigeria Sovereign Investment Authority (NSIA) has subscribed and fully paid US$25 Million in the Core Capital and is the initial shareholder of InfraCredit. The ultimate shareholder mix will comprise of NSIA and 2 groups of investors namely International Development Finance Institutions and Private Institutional Investors
Callable Capital
The Callable Capital is an unfunded “second loss” component of InfraCredit’s capital structure and acts as a liquid credit backstop to InfraCredit’s paid in equity (the “Core Capital”). In December 2016, InfraCredit signed a Callable Capital Funding Facility Agreement with GuarantCo (the “Callable Capital”) under the terms of which GuarantCo commits to support any guarantees issued by InfraCredit, up to a maximum value of US$ 50 Million.
InfraCredit is a private company and will benefit from international best practices and private sector governance, it is intended that this will be reflected in its shareholding structure
25%
Target % shareholding of NSIA
$200mln
Expected Total Capitalisation of InfraCredit
5x
Leverage Capacity of Total Capital