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AfricaMoney | August 16, 2017

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Copperbelt Energy to raise funds for African expansion

Copperbelt Energy to raise funds for African expansion

Copperbelt Energy, which supplies power to Glencore Xstrata and Vedanta Resources in Zambia, has revealed plans to raise US$150mn through loans to expand business in Africa and finance existing debt

Copperbelt Energy corporate development managing director Michael Tarney said that loans of as much as US$100mn from German and Dutch development-finance institutions will be completed in three months and will have 10-year maturities.

The debt funding deals will be carried out with Dutch development bank FMO and German lender Deutsche Investitions- und Entwicklungsgesellschaft

Copperbelt Energy will also try and raise about US$50mn in a rights offer this year.

Tarney said that the company has tested the market for a bond sale two to three months ago, and concluded that a debt sale will be more expensive than development-finance loans and its maturity will also be shorter.

Bonds may be sold at a later date, he noted.

Image Source: www.ukzambians.co.uk

Source: African Review

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