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Transnet's billion-dollar bond over-subscribed
State-owned freight transport and logistics company Transnet on Friday, 20 July 2012, announced the successful issuance of a $1-billion 10-year bond at a coupon (interest) rate of 4,0% following road shows in Europe and the US.
The bond is the highest amount of money that has ever been raised by Transnet in a single issuance without a government guarantee. At 10 years to maturity‚ it is also the longest tenure ever issued by Transnet in the international debt capital markets.
"The bond issuance was significantly oversubscribed‚ confirming the confidence of the international financial markets in Transnet's R300-billion market demand strategy and the South African government's recently announced infrastructure development programme‚" the parastatal said.
The proceeds from the latest issue will be used to finance the company's capital investment programme‚ which is focused on rejuvenating and modernising Transnet's rail‚ port and pipelines logistics infrastructure as well as for general corporate purposes.
Source: I-Net Bridge
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