Next week Eskom will pay nearly R2 billion in interest – two weeks after it borrowed R20 billion to keep afloat
- Eskom's total interest payments will come to R1.898 billion next week.
- It raised R20 billion from several banks a little more than a week ago.
- Eskom's liabilities run into more than half a trillion rand.
Next week Eskom is due to make interest payments totalling R1.898 billion across five of its domestic bonds, a regulatory filing on Friday showed.
That will already take a healthy chunk out of R20 billion in finance it secured from a group of banks merely nine days ago.
At the time, Eskom celebrated the debt agreement as it was on reasonable terms, despite a credit downgrade which was announced on the same day.
The national treasury has identified the financing of Eskom as the single biggest risk to South Africa's economy.
By the end of this year it is expected the government will be underwriting just under R240 billion of Eskom's debt. The company has total liabilities of well over half a trillion rand.
Meanwhile Eskom chairperson Jabu Mabuza this week said the company's "people, assets, funding" needs to be restructured – while acting CEO Phakamani Hadebe told Parliament it does not know how to make municipalities pay the more than R30 billion they owe.
Eskom currently estimates it will need to raise another R72 billion over the next three months to say afloat.
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