- Energicotel (ECTL) Plc raises Rwf3.5 billion corporate bond
- The bond will run for 10 years at 13.75%
Rwandan energy firm Energicotel (ECTL) Plc, an Independent Power Producer (IPP), raises Rwf3.5 billion in a corporate bond. The firm which sort to raise, Rwf3.5 billion bond on the Rwanda Stock Exchange via a public offer was fully subscribed.
The firm, a member of EPC Africa Group, plans on raising another Rwf6.5 billion in the long run. The fully subscribed bond will run for 10 years at 13.75%. The first tranche of the bond has received regulatory approval from Rwandan Capital Markets Authority. Energiecotel would move to pay off debt obligations which would allow them to optimize future cash flows.
In a statement, Ferdy Turasenga, Executive Director Energicotel, stated that the firm, in its public offer, attracted a diverse base of local investors with 80% of funds from Institutional Investors and the rest from retail investors.
Energiecotel operates three Hydro Power Plants, namely: Keya, Nkora & Cyimbili.