COCOBOD pegs participation in exchange programme at 97% with over ¢7bn bills tendered

The Ghana COCOBOD has pegged participation in its Debt Exchange Programme at 97 percent with over ¢7 billion worth of bills that have been tendered.

This was after the programme ended last Friday, August 25, 2023.

COCOBOD in July this year launched its Cocoa Bills Exchange Programme to restructure almost ¢8 billion worth of debts.

COCOBOD, however, maintained that settlements will now be done on September 4, 2023, instead of Thursday, August 31, 2023.

“We refer to the debt securities exchange programme launched by the Ghana Cocoa Board (“COCOBOD”) on 14th July 2023 (the Exchange Programme). COCOBOD announces today the results of the Cocoa Bills exchange programme which closed at 4:00 p.m. on 25th August 2023” a statement from CAL Bank said.

“Approximately 97.38% of eligible holdings tendered their Eligible Bills in the Invitation to Exchange as determined by the Central Securities Depository (“CSD”)”, it added.

It explained that capitalised terms used but not defined herein have the meaning ascribed to such terms in the Exchange

According to COCOBOD, it is pleased with the results, as a substantial majority of the Eligible Holdings have tendered.

“To provide sufficient time to settle the New Cocoa Bonds in an efficient manner, COCOBOD is extending the Settlement Date of the exchange from the previously announced 1st September 2023 to 4th September 2023”.

The issue date, interest accrual schedules and payment schedules for the New Cocoa Bonds will be adjusted to reflect the actual Settlement Date.

Except as set forth in this paragraph, the terms and conditions of the Invitation to Exchange are not modified or amended. As the Invitation Period has expired, no new submissions will be accepted except at the sole discretion of COCOBOD, and no revocations or withdrawals are permitted.