Business: SANRAL Raises R1-billion
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SANRAL raises R1-billion
In its auction of 11 March 2009, which will be settled on Monday (16th
March), the South African National Roads Agency Limited (‘SANRAL’) tapped
into five of its six bonds maturing in 2014, 2018, 2022, 2023 and 2028.
Overall bids received during the auction totalled R2,8-billion. A total of
R1-billion was allocated. The fixed rate bonds were placed at market
spreads of between 1,75% and 1,85% over the RSA Government benchmarks. The
inflation linked NRA023 were issued 0.97% over the R197 government bond.
SANRAL will raise a further R21-billion over the next two years to fund,
amongst other projects, 185km of new toll road infrastructure including the
Gauteng Freeway Improvement Project which will involve upgrading the N1 to
Pretoria, the Johannesburg ring roads and the R21 from OR Tambo Airport to
Pretoria. These upgraded roads will become toll roads and will be the first
roads in South Africa where tolls are collected without having toll plazas
or closures in the road (Open Road Tolling).
Absa Capital and Rand Merchant Bank are appointed as Joint Lead Arrangers
on SANRAL’s BESA listed Domestic Medium Term Note Programme.
Business News Sector Tags: Business|