JSE-listed PPC on Wednesday issued its debut bond of R650-million under its R6-billion Domestic Medium Term Note programme.
The three-year senior unsecured floating rate bond was issued at a coupon of three-month Johannesburg Interbank Agreed Rate plus 1.26% a year. The bond issue was 4.6 times oversubscribed.
“This is a milestone in PPC’s 121-year history and will give further impetus to our strategy of keeping the home fires burning and expanding into the rest of Africa,” PPC CEO Ketso Gordhan commented.
PPC CFO Tryphosa Ramano noted that this was an excellent result for the company’s debut issuance, adding that this speaks to PPC’s strategy of diversifying funding sources in a cost-effective manner.