Hyprop issues R450m unsecured six-year bond
2013-11-01 · Industrial Developments news
Property group Hyprop (HYP) has successfully issued a R450m six-year corporate bond to refinance a maturing bank facility‚ bringing Hyprop’s total debt capital market issuances to R2.1bn or 38% of total debt‚ the company said on Thursday.
This is the first listed six-year bond issuance in the South African property sector and was well-received by investors. The bond was issued at a margin of 154bps‚ marginally reducing Hyprop’s cost of funding. The base rate is fixed until 2018.
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