Ghana's Biggest Cocoa Buyer Seeks $100 Million Amid Bond Default
- PBC defaulted on principal bond repayment in late 2018
- Company to increase Cocobod borrowing by as much as two-thirds
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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.
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.