Financing

Debt financing has been provided by 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).

All debt is denominated in US Dollars with a combined interest rate on the senior and subordinated loans of 6M US LIBOR + 4.75% from until 31 January 2020, and 6M US LIBOR + 5.50% thereafter. Interest is payable in cash on each semi-annual payment date (1 February and 1 August), with principal repayments commencing on 1 February 2018. In addition to scheduled repayments, prepayments (based on 25% of cash available for restricted payments) are required under a cash sweep mechanism, commencing 1 February 2018.

Full details of the bank loans are set out in note 23 to the 2017 Annual Report and Accounts.

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