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