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Eskom to repatriate $1.75bn from bond

Jan 21 2011 12:40 Reuters

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Johannesburg - Power utility Eskom will repatriate all funds from a $1.75bn bond issued this week, but is still talking with the central bank about how and when to do it, a spokeswoman said on Friday.

"Eskom is required to repatriate the funds in full to South Africa," spokeswoman Hilary Joffe told Reuters.

"The timing and the methodology are currently being planned in consultation with the South African Reserve Bank."

The bond issue closes on January 26.

On Thursday Eskom said that the 10-year, $1.75bn international bond launched this week was more than 2-½ times oversubscribed.

"The proceeds will be used to fund our committed capital expansion programme and so help to keep the lights on for all South Africans," CEO Brian Dames had said.

The offer follows an offshore roadshow by Eskom's executives and will be one of the largest international bond issues by a South African entity other than the state.

"The proceeds of the offering will be added to the company's general funding pool, to be applied to its committed programme of investment in new generation and transmission capacity and for general working capital," it said

brian dames  |  eskom

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