The national company of the Autonomous Port of Dakar (PAD) of Senegal will proceed, on April 19, 2021, to the payment of the half-yearly interest on its bond loan called “PAD 6.60% 2020-2027” for an amount of 1.980 billion FCFA (2.970 millions of euros).
In order to finance the land infrastructure of the Port of Ndayane located in the commune of Poponguine 70 km south of Dakar, the PAD had to resort to the financial market of the West African Monetary Union (UMOA) through a bond loan by public offering in the amount of CFAF 60 billion.
As such, 6 million “PAD 6.60% 2020-2027” bonds at a price of 10,000 FCFA were distributed to the public. The operation was a real success since it was closed early over a period of 12 days (from October 1 to 12, 2020) when it was supposed to elapse over a month. Out of 60 billion FCFA sought, the PAD ended up with 94.624 billion FCFA of subscriptions collected, or a subscription rate of 157.71%.
To attract investors, the issuer agreed to pay them an annual interest of 6.60% payable semi-annually from the dividend date of the securities set on October 19, 2020. The term of the loan was 7 years, including two years. years of deferral.
As for the repayment of the capital, it will be half-yearly, after two years of deferral, ie four semesters, at the rate of the payment of one tenth of the said capital.