EMIRA RECEIVES PRAISE FOR DEBT REFINANCING PROGRAMME
Emira Property Fund has successfully refinanced over R1.2 billion of its debt maturing in the current financial year, ending on the 30th of June 2018. The group is attracting keen demand and favourable pricing in the process.
The REIT refinanced maturing secured listed DMTN notes through the issue of new three and five-year notes this past September, with the aim to raise R330 million and the group received bids for R813 million.
This significant over subscription enabled Emira to choose its split between note terms. It assigned R130 million to three-year noted at 145bps above three-month Jibar, achieving extremely attractive pricing at the bottom end of its guidance. The group put R200 million in five-year notes at 160bps above three-month Jibar which was comfortably within its guidance.
Greg Booyens, CFO of Emira comments:
“We are extremely happy with the results, especially because we were able to improve the pricing of the notes.“