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Business News of Saturday, 5 May 2018

Source: Myjoyonline.com

E.S.L.A PLC pays GHC500 million to bond holders

E.S.L.A Plc has paid its first tranche interest payments to holders of the seven and 10-year papers.

A statement by the company said ¢227 million has been paid those who bought into ¢2.4 billion paper.

This is for the seven-year fixed rate bonds with a coupon rate of 19 percent, which was issued on November 1. According to the company, payments were made on May 2, 2018.

Details of 10-year paper payments

Additionally, ¢273 million has also been transferred from Debt service Reserve Account DSRA Bank to the 'paying bank'.

This is to aid payment for the issuance of the ¢2.9 billion, 10-year fixed rate bonds with a coupon rate of 19.50 percent, which was subsequently issued on November 8, 2017. The coupon payment for the 10-year ESLA issuance is due on May 9.

Future issuances

According to E.S.L.A P.L.C collections towards the servicing of the bond program continue to perform in line with projections. The Board and Management team announce subject monitor market activities and further issuances will be announced subject favourable market conditions.