Hyprop issues R450m corporate bond
JSE-listed property group Hyprop on Thursday announced that it had successfully issued a R450-million, six-year corporate bond to refinance a maturing bank facility, bringing its total debt capital market issuances to R2.1-billion or 38% of total debt.
The bond was issued at a margin of 154 basis points, marginally reducing Hyprop's cost of funding. The base rate was fixed until 2018.
“This is the first listed six-year bond issuance in the South African property sector and was well received by investors,” Hyprop stated.
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