18 Dec 2007
Ghana’s national fixed line and mobile operator, Ghana Telecom (GT), has issued a USD200 million corporate bond facility, reports Myjoyonline. In a statement, the company said the move would improve its financial flexibility and access to financing to underpin its network upgrade plans both for its fixed and mobile networks. It went on to say the bond would add no debt to the company’s balance sheets, instead representing a structuring exercise ‘designed to refinance the company’s existing portfolio of maturing short term commercial obligations and generally extending the maturity profile of the company’s debts,’ the paper said. The GT notes, which carried an 8.5% coupon and amortized annually in five equal instalments of 40 million dollars, maturing on 29 October 2012, were arranged by Iroko Securities Limited and placed by Iroko Financial Products Limited and Exotix Limited.