GRT
GRT
GRT - Growthpoint - Commercial Paper Issue
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT ISIN: ZAE000037669
("Growthpoint" or "the Company")
COMMERCIAL PAPER ISSUE
Growthpoint is pleased to announce that its R500 million inaugural senior
unsecured Commercial Paper (CP) issue listed on the JSE Limited`s Bond
Exchange has been well oversubscribed, with R1.5 billion of bids submitted.
Growthpoint`s initial issue on the JSE, on 12 November 2009, of R360 million 3-
month fixed notes and R140 million 6-month floating notes linked to the 3-
month JIBAR (Johannesburg Inter Bank Agreed Rate) is a first for a South
African listed property company.
A total of 12 investors bid for the notes, resulting in significant demand and
favourable pricing with a weighted average margin across the notes of 62 basis
points
Moody`s Investors Service recently assigned Growthpoint Global Scale long-term
and short-term Issuer Ratings of Baa2 and P2 respectively and South African
National Scale Ratings (NSR) of A1.za long-term and P-1.za short-term. Working
with ratings adviser and sole lead arranger for Growthpoint`s CP issue, Absa
Capital, the investment banking division of Absa Bank Limited, this is also
the first time that a South African listed property company has deployed its
corporate credit rating to issue CP.
Growthpoint is the largest South African listed property company with local
assets exceeding R29.2 billion and a market capitalisation of over R20
billion. It has a portfolio of 438 retail, office and industrial properties,
geographically diversified across South Africa producing gross revenues of
over R3.5 billion. In September 2009 Growthpoint acquired a 76.2% interest in
an Australian ASX listed property fund that has been rebranded as Growthpoint
Properties Trust Australia. GPT Australia has a quality portfolio of 23
warehousing and distribution properties valued at approximately AUD660
million.
Further details of the commercial paper issue referred to herein appear on
Growthpoint`s web-site: www.growthpoint.co.za
Date: 17 November 2009
Sponsor:
Investec Bank Limited
Date: 17/11/2009 11:39:01 Produced by the JSE SENS Department.
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