International Energy Insurance Plc (NGX: INTENEGINS) has announced that it has paid off its outstanding loan with Daewoo Securities (Europe) Limited, JPY 1.85 billion zero Coupon Bonds due in 2028.
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The Insurer on Wednesday notified its Shareholders and the General Public of the payment in a regulatory filing signed by the company secretary.
International Energy Insurance Plc at its 44th Annual General Meeting (AGM) held in Jigawa State on April 10, 2025, with the approval of its Shareholders, transferred the JPY 1.85bn loan to its new investor, Norrenberger Advisory Partners Limited (NAPL) to settle the loan on behalf of International Energy Insurance Plc.
Further to the above, Norrenberger, on behalf of International Energy Insurance Plc, has settled/paid off the loan to Daewoo Securities (Europe) Limited, now known as Mirae Asset Securities (UK) Limited.
International Energy Insurance Plc had issued a bond valued at 1,850,000,000.00 Japanese Yen (JPY) to Daewoo Securities (Europe) Limited who acted as the foreign agent.
The bond had a tenor of 20 years commencing on 24 January 2008 and maturing on 23 January 2028. The bond was issued at a zero-coupon interest rate. A premium of 29% of the face value of the bond is payable on the maturity date.
International Energy Insurance Plc earlier in the week announced an emergency meeting of its Board of Directors for 28th August 2025 at 12:00 noon via Microsoft Teams.
At the meeting, the Board will consider a proposal for Loan to Equity Conversion and share reconstruction.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
