Financing
In 2004, a debt funding package was signed with a lender group comprising the European Investment Bank (EIB), The African Development Bank (AfDB), FMO (a Dutch development finance institution), KfW (a German bank), Emerging Africa Infrastructure Fund Limited (EAIF) and ABSA (a South African Commercial Bank). Political risk insurance was provided by MIGA (a member of the World Bank Group) for the KfW (MIGA) tranche. Political and commercial insurance cover was provided by Hermes for the KfW (Hermes) tranche and by the Export Credit Insurance Corporation of South Africa (ECIC), the South African export credit agency, for the Absa facility.
Details of loan facilities as at 31 Decemeber 2008 are set out below:
| Summary of Debt Financing | |||
|---|---|---|---|
Loan Balance (US$m) |
Maturity |
||
| Senior Debt | |||
| AfDB | 37.5 | 2018 | |
| ABSA (ECIC) | 71.7 | 2015 | |
| EIB | 19.8 | 2018 | |
| KfW (Hermes) | 20.9 | 2015 | |
| KfW (MIGA) | 14.0 | 2018 | |
| FMO | 20.2 | 2016 | |
| EAIF | 4.7 | 2018 | |
| Total | 188.8 | ||
| Subordinated Debt | |||
| EIB | 82.5 | 2019 | |
| FMO | 14.8 | 2019 | |
| EAIF | 16.1 | 2019 | |
| Total | 113.4 | ||
| Standby & Additional Standby Subordinated Debt | |||
| EIB | 4.5 | 2019 | |
| FMO | 12.4 | 2019 | |
| FMO | 15.7 | 2019 | |
| Total | 32.6 | ||
The current weighted average interest rate of the debt package is 8%. Euro denominated loans have been converted to US Dollars at the year end exchange rate.
