10-year energy bond accrues 615 million cedis
ESLA Plc, the entity mandated to raise money to pay the debts in Ghana’s energy sector has raised GH¢615,947,860 through its ten-year bond that it reopened.
The bond which was reopened on Monday (January 22, 2018) and closed on Wednesday (January 24, 2018), targeted between 100 and 130 million cedis from the market.
Today’s amount is about six times more than the target.
Although the managers were looking at an interest rate of between 19 and 19.4 percent, Citi Business News understands that the issue yielded rates below the range forecast.
ESLA Plc in November last year issued 7 and 10-year bonds to raise some 6 billion cedis to settle outstanding debts in the energy sector.
In all, ESLA raised 4.7 billion cedis.
The debt in the energy sector is estimated at 10 billion cedis.
Meanwhile the Energy Minister, Boakye Agyarko has told Citi Business News the government will be returning to the market in March this year to raise the remaining amount estimated at 6 billion cedis to clear the energy sector debts.
“We will come back to market in March…to raise the balance of about 6 billion cedis,” he told Citi Business News.