Bids for an inaugural GH¢6 billion energy bond being issued by Ghana will close on Friday, a day later than scheduled, due to high investor interest, transaction arrangers said on Thursday.

The government is issuing the bonds in seven-year and 10-year maturities as part of plans to raise GH¢10 billion to settle debts owed by state power utilities to banks and bulk oil distributors.

The paper, for which bids opened on Tuesday, differs from standard sovereign issues by being backed by ESLA, a government-sponsored vehicle set up to raise fresh funds to clear the debt.

Initial pricing guidance for the seven-year tranche was 17.7 percent to 19.0 percent while the 10-year was pegged at 17.8 percent to 19.5 percent.

“The book-building has been extended to accommodate enquiries by both local and offshore investors who are showing keen interest in the transaction,” co-arranger Fidelity Bank told Reuters.

Settlement of the bonds has also been shifted, to Wednesday from Monday, to allow investors enough time to process payments after pricing on Friday, it said.

Ghana named Standard Chartered Bank and local lender Fidelity as lead managers for the bond in June.