https://www.engineeringnews.co.za
PROJECT
PROJECT
project

Hyprop successfully refinances R4bn of external debt

2nd April 2019

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

JSE-listed Hyprop on Tuesday announced that it had, in the three months since December 31, 2018, successfully refinanced R4-billion of external debt.

On March 15, Hyprop announced the issue of two new unsecured five-year notes, HILB11 and HILB12, in terms of Hyprop’s Domestic Medium Term Note Programme. The note issues raised R500-million.

These proceeds are earmarked to redeem the HILB05 bond of R350-million, which matures in July; to finance capital expenditure to improve the entertainment offerings at Hyprop’s malls, most notably the Ratanga Junior project at Canal Walk; and for new tenant fit-outs necessitated by the reduction of space occupied by the Edcon group.

With regard to Hystead, the group has signed agreements for the refinancing of €50-million of debt with an original maturity date of February; €53-million of debt with an original maturity date of March 2020, for five years to 2024; and €R110-million of debt with an original maturity date of March 2020, for five years to 2024.

The refinancing and extensions are expected to address the concerns raised by Moody’s in its decision to downgrade Hyprop’s credit and issuer ratings in February, that Hyprop will rely on external financing to cover R5-billion of debt coming due in the next 18 months.

Work on refinancing the group’s dollar-denominated debt in its sub-Saharan Africa portfolio and the rand-denominated bonds, due for redemption in August and November, and addressing the other concerns raised by Moody’s, is continuing.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.072 0.129s - 138pq - 2rq
Subscribe Now