Emira issues R499m commercial paper

5 Sep 2013

Emira Property Fund has successfully settled R400m of three-month unsecured commercial paper (CP) and immediately issued R399m of six-month unsecured CP and a new issue of R100m three-month CP‚ it said on Wednesday (4 September).

The new paper expires in February 2014 and November 2013 respectively. Rand Merchant Bank arranged the settlement and issues.

With the combined issue over-subscribed‚ appetite for Emira paper saw the interest margin on the three-month paper at the same rate as its settled three-month paper of 21 basis points above the three-month Jibar rate. The interest margin on the six-month paper was set at 26 points above the six-month Jibar rate.

"The issues bring Emira's total funding through debt capital markets to about R1.45bn‚ secured at attractive rates through different types of funding with diverse maturity rates‚" said chief executive James Templeton.

Source: I-Net Bridge

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