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Govt exchanges GH¢31bn pension funds for new notes

August 3, 2023
in News
Govt exchanges GH¢31bn pension funds for new notes
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 The government has begun the pro­cess to exchange approximately GH¢31 billion worth of pension funds for new ones.

The pension funds relates to domestic notes and bonds of the central government, E.S.L.A Plc and Daakye Trust.

A statement issued by the Public Relations Unit of the Ministry of Finance in Accra on Monday, said the government was offering alter­native for pension funds holding the domestic notes and bonds of the central government, E.S.L.A and Plc and Daakye Trust.

“The invitation is intended to enable the Pension Funds to pre­serve their patrimonial value while exchanging their eligible bonds for those that offer more potential liquidity,” the statement said.

It explained that the invitation was available only to registered holders of eligible bonds that were Pension Funds.

“Eligible Holders tendering their Eligible Bonds pursuant to the invitation will receive exchange bonds of the government on the terms and subject to the conditions described in the exchange mem­orandum. All offers to exchange eligible bonds made by eligible holders (an “Offer”, or “Exchange Instruction” are irrevocable subject to withdrawal rights under certain limited circumstances,” said the statement.

It added that “By tendering their Eligible Bonds, Eligible Holders represent and warrant that such Eligible Bonds constitute all the eligible bonds owned by them and consent to the blocking by the Central Securities Depository (CSD) of any attempt to transfer them prior to the Settlement Date (as defined below) or the termi­nation of the Invitation to the Republic.”

It said “Offers may only be submitted starting today (the “Launch Date”) and ending at 4.00 p.m (Greenwich Mean Times) on August 18, 2023 (the “Expiration Date”). However, the Government may extend the Expiration Date (including for the one or more series of Eligible Bonds.)”

The statement said the eligible holders who delivered valid offers at or prior to the expiration date that were accepted by the gov­ernment would receive on the settlement date in exchange for their eligible bonds accepted by the government, the same aggregate principal amount distributed (in the proportions indicated below) across new tranches of the current­ly outstanding government of Ghana Bonds issued in February 2023 and maturing in 2027 and 2028 (respectively, the “GoG Bond 2027” and the “GoG Bond 2028”, and collectively, such new tranches issued pursuant to the invitation, the “New Tranches”).

In addition to the exchange bonds, tendering eligible holders would receive a distribution of two additional interest payment instruments linked to the exchange bonds, with no principal amount each maturing, respectively, in 2027 and 2008 (collectively, the new “Interest-Only Bonds”).

The statement said invitation would expire at 4:00 p.m. (Green­wich Mean Time) on August 18, 2023, unless extended or earlier terminated by the government as set forth in the exchange memo­randum (the “Expiration Date”), adding that offers might not be revoked or withdrawn at any time except in the limited circumstances described in the exchange memo­randum.

It said on August 25, 2023 (the “Settlement Date”) the govern­ment would issue the new bonds to eligible holders whose offers are accepted for credit to the account of such eligible holder at Ghana’s CSD.

“The government reserves the right to extend the settlement date (including with respect to one or more series of eligible bonds without offering eligible holders the right to withdraw their Offers, provided that such extended settle­ment date is not later than August 28, 2023 (the “Longstop Date”).

“The government may extend the settlement date beyond such longstop date and designate a new longstop date, but such extension will be subject to the granting of withdrawal rights to eligible holders who submitted offers before such extension, subject to the conditions described in the exchange memo­randum,” it concluded.

 BY TIMES REPORTER

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : GhanaianTimes – https://www.ghanaiantimes.com.gh/govt-exchanges-gh%C2%A231bn-pension-funds-for-new-notes/

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