Consolidated Infrastructure Group restructures debt

Listed infrastructure company Consolidated Infrastructure Group has converted R613m of its short-term debt to a long-term facility following an agreement with its lenders.

Conco, a power infrastructure company that is the main driver of CIG’s financial performance, has been struggling due to lower-than-expected new contracts. The company, which has operations in SA, Sub-Saharan Africa and the Middle East, on Monday said it has been in talks with its lenders for the restructuring of its short-term debt into “a longer, more sustainable debt structure”.

The company has issued bonds worth R924m under a domestic medium-term note programme. “The R924m is reflected as short-term in nature and reflected as current liabilities in the annual financial statements dated 31 December 2019,” CIG said.

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