SANRAL raises R1.5bn in bond issue

Posted On Thursday, 06 August 2009 02:00 Published by eProp Commercial Property News
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SANRAL has raised R1.5bn after the inaugural auction under the Domestic Medium Term Note Programme.

Road InfrastructureThe South African National Roads Agency Limited (SANRAL) has raised R1.5 billion after the inaugural auction under the Domestic Medium Term Note Programme, which carries a full guarantee from the government. It issued two new bonds with maturities in 2020 and 2034.

Overall bids received during the auction totalled R2.344 billion, while the R1.5 billion of bonds were allocated at market spreads of 0.80% over the RSA government bond benchmarks.

Including the R9.95 billion raised without a guarantee, SANRAL has now raised R11.45 billion of funding for the expansion and upgrade of toll roads, particularly the Gauteng Freeway Improvement Project, which is planned to be completed by late 2010.

It has also recently concluded a loan from the European Investment Bank which will also be used towards funding the project.

 

Last modified on Thursday, 31 October 2013 12:51

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