Project description
Multi-faceted operation aiming to clean up the balance sheets of the key players in the electricity sector in Cameroon
- Securitization of ENEO's receivables on the Cameroonian government (primary market) and monetization through the placement of these securities to a pool of banks (secondary market)
- Subrogation
- Repurchase of receivables
Issues
Cleaning up the electricity sector without damaging public finances
Client
ENEO / Republic of Cameroon
Amount of the transaction
XAF 182 billion (syndication XAF 118 billion, debt repurchase :XAF 39 billion, subrogation of SNH's debt on KPDC : XAF 25 billion)
Mission of FINANCIA Capital
Lead Arranger
Achievements (2021 - 2022)
- Served as an interface between the State, ENEO and the other players of the electricity sector (EDC, ARSEL, SONATREL, KPDC, DPDC, MINEE, MINFI)
- Structured the operation
- Built a financial model
- Produced the Information Memorandum
- Reviewed and finalized the multipartite agreement
- Carried out the codification of the money market securities at the BEAC (Central Bank)
- Held roadshows with banks and investors
- Coordinated the placement and monetization of the securities
- Followed up the commitments of each party involved in the operation
Project status
Operation Completed in 2021 and 2022