Ghana's Biggest Cocoa Buyer Seeks $100 Million Amid Bond Default

PBC Ltd., Ghana’s biggest cocoa buyer, seeks to raise $100 million from international banks to help pay off cedi debt that matured late December, Bloomberg News reported. The transaction, handled by an Accra-based advisory firm, should be completed before the start of the main harvest on Oct. 1, said Deputy Chief Executive Officer Kojo Safo. The company has approached the state-run pension fund and the government, who together own a 75 percent stake in PBC, to provide guarantees for the loans that are likely to have maturities of five to six years, he said. “The plan is to secure this long-term funding to refund the obligations due,” Safo said. “With that you give the company headroom to operate. The conversation is at an advanced stage.” PBC paid all interest due at the end of 2018, leaving the 120 million cedis ($22.8 million) principal of a one-year bond sold at 19 percent. Read more