Jul 20, 2012
Transnet’s says $1bn international bond ‘oversubscribed’Back
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CE Brian Molefe said that, besides being “competitively priced”, the tenor was also the longest for a Transnet bond issued on the international debt capital markets.
He added that the appetite for the bond demonstrated confidence in Transnet’s recently announced R300-billion market demand strategy (MDS) to expand and modernise railways, harbours and pipelines infrastructure in South Africa.
About 70% of the funding for the MDS would be secured from operating cash flows, but Transnet would still have to raise R86-billion between now and 2019 to fund the programme.
It would seek to tap a range of instruments and markets, including the domestic and international capital markets, development finance institutions and commercial banks.
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