Wed | May 23, 2018

NWC to launch $15 billion bond

Published:Monday | May 14, 2018 | 5:11 PM

The cash-strapped National Water Commission (NWC) has turned to the public for much-needed capital.

The NWA has advised that it has established a $15 billion local bond facility, arranged by National Commercial Bank Capital Markets Limited.

“This facility will enable the NWC to become more financially viable, to allow for the re-balancing of its loan portfolio and to reduce its use of Government Guarantees,” the utility company said in a statement on Monday.

A press conference has been called for Tuesday, May 15, 2018 beginning at 11:00 a.m to provide details.

Prime Minister Andrew Holness, Mark Barnett, NWC President and Patrick Hylton, NCB Group Managing Director are among officials to attend the briefing.

Last May, Barnett said the NWC was seriously considering selling some of the $20 billion debt owed by delinquent customers.

He said then that the level of delinquency by customers is preventing the NWC from doing many essential improvement and expansion projects.

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