July 23, 2018 / 10:36 AM / 4 months ago

South Africa's Eskom says loan covenants triggered after irregular expenditure

JOHANNESBURG, July 23 (Reuters) - South African power utility Eskom said on Monday some loan covenants were triggered after irregular expenditure of around 20 billion rand ($1.5 billion), which the cash-strapped firm reported in its latest financial results.

“Yes, it (the irregular expenditure) did trigger some loan covenants but we have engaged with the necessary lenders and obtained waivers,” Acting Chief Financial Officer Calib Cassim said during Eskom’s results presentation. ($1 = 13.5036 rand) (Reporting by Alex Winning Writing Tanisha Heiberg Editing by James Macharia)

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