Business News Fri, 4 May 2018

ESLA pays GHC500m interest to investors

Managers of the ESLA bond, have paid an estimated 228 million cedis as first gross interest payments to investors who bought into the 7 year bond of the six billion cedis energy sector bond.

The bond, which formed part of the first tranche of the issuance, attracted an interest rate of 19 percent.

A statement from ESLA and copied to Citi Business News said, “Managers of the ESLA bond, has paid a total of 227,563,190.95 as first gross interest payment for the benefit of the bondholders of the 2.4 billion cedis 7-year bond.”

Meanwhile, the account managers have also transferred some 273.3 million cedis for the payment of interests for investors that bought into the 10-year bond issued under the first tranche.

They are earning an interest rate of 19.5 percent.

“Also a total of 273, 316, 284.82 has been transferred from the Debt Service Reserve Account Bank to the paying bank, towards the interest payment for the issuance of the 2.9 billion 10 year bond at an interest rate of 19.5%,” the statement added.

Government, through the ESLA in November last year issued two bonds; 7 and 10-year bonds to settle part of the legacy debts in the energy sector.

The 7 and 10-year bonds yielded 2.4 billion cedis and 2.9 billion cedis respectively.

There is a remaining of 5.3 billion cedis to be issued this year.

Source: citinewsroom.com
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