2

ESLA bond rated as the best in Europe, Middle East and Africa

Mon, 30 Jul 2018 Source: Francis Tawiah

The 2017 Europe, Middle East, Africa (EMEA) Finance Achievement Awards has awarded Ghana’s ESLA Bond Transaction as the best restructuring deal last year. ESLA Plc is the institution established for purposes of raising money to clear the outstanding energy sector debts.

The ESLA Bond transaction, is part of nine transactions across EMEA that was recognized in various categories at this year’s awards.

Fidelity Bank Ghana limited, one of the lead managers for the Transaction of the ESLA Bond received this special award at a ceremony in London. Fidelity Bank was commended for their professionalism and innovation in the management of the ESLA bonds.

ESLA Plc, in 2017, set out to raise GHC6 billion for the first tranche of the GHC10 billion debt.

The managers of the transaction lead by Fidelity Bank and Standard Charted Bank eventually raised GH¢4.7 billion. ESLA PLC successfully closed its books for the issue of the ESLA bonds on Friday, November 3, 2017, after extending the timeline for the issue of the 10-year bond by one week.

Also in January 2018, ESLA Plc raised additional GHC615 million (GHC615, 947,860) through the 10-year bond that it reopened.

The bond, which was reopened on Monday, January 22, 2018, and closed on Wednesday, January 24, 2018, targeted between GH¢100 and GH¢130 million from the market.

Below is the full list of the various nominees

Best refinancing in EMEA:

Kemerkoy Yenikoy lignite-fired power plants TL3.3bn loan.

Best refinancing in CEE:

ICF Antalya Airport refinancing package

Best refinancing in the Middle East:

Mobily’s SAR8bn refinancing

Best refinancing in Africa:

Coca Cola Sabco East Africa’s loan facilities

Best repricing in EMEA:

Budapest Airport’s €1.39bn loan and note debt facilities

Best restructuring in EMEA:

E.S.L.A.’s GHS4.8bn local currency bonds for energy sector

Best restructuring in CEE:

Saint Nikola Wind Farm’s €117mn amended debt profile

Best restructuring in the Middle East:

Tasnee’s SAR2.9bn syndicated Islamic loan facility

Best restructuring in Africa:

Avesoro Resources’ acquisition of New Liberty gold mine

Source: Francis Tawiah