Wednesday 26 September, 2018

Finance Ministry denies 'debt crisis' in EFCL bond repayment

Steps have been taken to make payments of outstanding amounts due to the Bondholders by October 31.

The Finance Ministry on Friday sought to clarify issues surrounding the publication of a notice by the Education Facilities Company Ltd. (EFCL) regarding the $400 million 5.35% fixed rate bond due at the end of October 2016.

A newspaper report on Friday suggested that the EFCL would default on the $400 million payment and bondholders would be asked to defer the repayment of their principal and accrued interest to April 30, 2017.

The Ministry, however, stressed that no event of default has occurred with respect to the bond nor does any “debt crisis” exist at this time.

 

Pictured: EFCL President Arnold Piggott 

 

Related article: Garcia: EFCL under audit

EFCL audit completed