16th Jan 2025 10:26
Sirius Real Estate Ltd - London and Johannesburg-listed property investor - Raises EUR350 million through a senior unsecured corporate bond, which matures in 2032 and carries a coupon of 4%. Says the EUR350 million bond issuance was approximately five times oversubscribed. "We appreciate the strong support that we have received from institutional investors for this EUR350 million bond issue which provides valuable, long-duration liquidity to enable us to continue executing our value-add growth plan," Sirius Chief Financial Officer Chris Bowman says.
Sirius says the new bond will increase its weighted average debt maturity to 4.2 years from 3.5 years at September 30, 2024. It will use the proceeds to refinance existing indebtedness, including in due course and in part the EUR400 million June 2026 bond, as well as for general corporate purposes, including a significant pipeline of potential acquisitions in Germany and the UK.
Current stock price in London: 76.55 pence, up 0.1% on Thursday
12-month change: down 14%
Current stock price in Johannesburg: ZAR17.65, up 0.8%
12-month change: down 17%
By Artwell Dlamini, Alliance News reporter
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