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ESLA pays GH¢581m to Debt Service Account

April 16, 2020

The Energy Support Levy Act (ESLA) has informed holders of ESLA 2024, 2027 and 2029 bonds of the transfer of a total of GH₵581.3 million from the Debt Service Account (DSRA) Bank to the Paying Bank.

According to a statement from the ESLA Plc, an amount of GH₵214.8 million and GH₵267.1 million, representing net interest and withholding statement amount due to Tranche E1 and E2 bondholders respectively, have been transferred from the DSRA Bank to the Paying Bank.

In addition to this, the statement said ESLA Plc has also transferred nearly GH₵99.250 million from the DSRA Bank to the Paying Bank.

The transfers are in line with the terms of the Bond Prospectus which directs disbursements for repayments to be made from the DSRA by the DSRA Bank to the trust account of the paying bank from the 90th calendar before any interest Payment Date.

It further stated that ESLA collections in 2020 received in the ESLA Receivables Account towards servicing the bond programme sums up to GH₵ 443.6 million as at March 2020.

The board and management of ESLA have assured bondholders of a consistent and continuous updates on all upcoming coupon payments by ESLA plc.

ESLA Plc is authorised to issue debt securities backed by receivables collected under the Energy Sector Levies Act, assigned to the Company by the Government of Ghana acting through the Ministry of Finance for the purpose of servicing the debt securities and related expenses.

It is also mandated to enter into such other arrangements and transactions in relation to the issuance of debt securities as may be necessary or required by the Government of Ghana acting through the Ministry of Finance.

So far, ESLA Plc has issued bonds worth GH₵6.664 billion, since its formation.

This resulted from issuances in November 2017 (7-year tranche E1 and 10-year tranche E2), January 2018 (tap of 10-year tranche E2-B), August 2018 (tap of 10-year tranche E2-C) and June 2019 (10-year tranche E3), August (tap of 10-year tranche E2-C) and June 20 19 (10-year tranche E3).

The post ESLA pays GH¢581m to Debt Service Account appeared first on Ghana Talks Business.

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Source : African Media Agency (AMA)

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