Property loan stock group Delta Property Fund has completed its debut commercial paper issuance.
The black-managed and substantially black-owned group indicated that its notes were issued off a newly established R2-billion domestic medium-term note programme that was registered with the JSE. The firm listed on the local stock exchange in November.
DLTC01, Delta’s inaugural issuance, is a R190-million, six-month, unsecured note with a fixed interest rate of 6.19% a year. The group had been assigned a national scale A2 short-term credit rating by the Global Credit Ratings Company.
“Delta is diversifying its funding sources by accessing the debt capital markets and is encouraged by this initial issuance,” said Delta CFO Bronwyn Corbett.
Rand Merchant Bank acted as mandated lead arranger and book runner for the establishment.