The Managers of ESLA Plc, the entity mandated to raise money to pay Ghana’s energy sector debts, are expected to close the re-opening of the 10 year bond, on Wednesday, January 24, 2018.
ESLA Plc in November 2017, issued 7 and 10 year bonds to raise some 6 billion cedis to settle outstanding debts in the energy sector.
The debt is estimated at 10 billion cedis or 2.5 billion dollars.
In all, ESLA raised 4.7 billion cedis.
The 7 year bond received the targeted 2.4 billion cedis while the 10-year bond accrued about 2.29 billion cedis, below the target of 3.6 billion cedis.
Citi Business News understands that ESLA Plc is seeking to raise at least 100 million cedis with the re-opening of the bond.
This is expected to attract interest between 19 and 19.4 percent.
The bond will mature on 27th October 2027.
Proceeds are expected to be listed on the Ghana Stock Exchange.
In a related development, the Energy Minister, Boakye Agyarko has told Citi Business News the government will be returning to the market in March 2018 to raise the remaining amount to clear the energy sector debts.
Though he wouldn’t disclose any further details, Mr. Agyarko explained that the issuers will be looking at raising all the remaining amounted estimated at 6 billion cedis.
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By: Pius Amihere Eduku/citibusinessnews.com/Ghana