Cocobod tightens up annual facility

tight pricing
By Mariam Meskin
16 Sep 2019

Ghana Cocoa Board (Cocobod) has closed its annual refinancing, securing a $1.3bn facility from a range of international lenders. The facility, Cocobod's second international borrowing this year, has tighter margins than last year's round, illustrating a healthy appetite for one of Africa's most frequent borrowers.

Sources close to the deal confirmed to GlobalCapital that margins on the facility were tighter than Cocobod's loan signed last year. That loan, a $1.3bn facility signed in June 2018, had a margin of 62.5bp, whereas the 2019 facility has a margin of 55bp over Libor. 

Bookrunners on the pre-export receivables backed trade finance facility were Ghana International ...

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