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Eskom signs R20 billion credit facility with seven banks

Eskom has on Wednesday signed R20 billion short-term credit facility with a consortium of local and international banks.

The government guarantee facility will form some part of the fund of Eskom’s present capital expenditure programme.

Eskom’s Interim Group Chief Executive Phakamani Hadebe said the terms of the facility are practically identical to Eskom’s current facility agreement and valuing is adjusted to showcase benchmarks of similar structures.

“We view the successful execution of this facility as a showing of the money related markets’ confidence in Eskom’s turnaround strategy. We are cognisant of the difficulties that are still ahead for the business and we are focused on guaranteeing that we change Eskom’s operational and budgetary profile to sufficient standard. Eskom remains a basic empowering influence for South Africa’s financial development and it is important that we accomplish most extreme operational effectiveness for the business to abstain from affecting the large-scale condition,” said Hadebe.

Acting Chief Financial Officer Calib Cassim said finishing up this facility with the suite of banks repeats the reestablished ability by monetary markets to draw in with Eskom.

“The funding furnishes Eskom with adequate liquidity to permit the organisation time to keep settling its governance-related issues and empowers Eskom to recommence with its ordinary funding program required to execute the FY2018/19 funding plan,” said Cassim.

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