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Delta raises R190m

30 Jul 2013

Delta Property Fund‚ a listed property fund that specialises in the ownership and management of government office buildings (with a growing portfolio of retail and industrial buildings)‚ completed its debut commercial paper issuance on Friday (26 July) raising R190m

The notes were issued off Delta's newly established R2bn Domestic Medium Term Note Programme that is registered with the JSE.

DLTC01‚ Delta's inaugural issuance‚ is a R190m‚ six-month‚ unsecured note with a fixed interest rate of 6.19% a year. The Issuer has been assigned a national scale A2 short-term credit rating by Global Credit Ratings Co.

Said Delta chief financial officer Bronwyn Corbett: "Delta is diversifying its funding sources by accessing the debt capital markets and is encouraged by this initial issuance."

Rand Merchant Bank acted as mandated lead arranger for the establishment of the programme and the inaugural issuance of commercial paper.

Source: I-Net Bridge

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