| Thu 6 May 2010, 14:01 | | KEL - Kelly Group - Kelly establishes R120 million securitisation programme |
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KEL
KEL
KEL - Kelly Group - Kelly establishes R120 million securitisation programme
KELLY GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/026249/06)
Share code: KEL
ISIN: ZAE000093373
("Kelly Group" or "the company")
KELLY ESTABLISHES R120 MILLION SECURITISATION PROGRAMME
Johannesburg, 6 May 2010 - The Kelly Group has entered into a long-term
debtors` securitisation funding programme, in terms of which it has raised
R120 million from Investec Bank acting through its division, Investec Capital
Markets, for a renewable period of three years.
With the company`s existing term funding scheduled for maturity on 30 April
2010, the board decided to replace the maturing funding arrangement with an
updated and extended funding transaction. After considering proposals from
various potential funders, Kelly Group opted to implement an updated debtors`
securitisation funding transaction as its primary source of debt. This
arrangement has proved an efficient means of securing long term funding for
the Kelly Group, and its staff and advisors have accumulated significant
experience in managing its funding on this basis.
"Having established a track record over the last nine years, and with
strongly performing debtors` book, the decision to update and extend the
current transaction was considered the most appropriate means of optimising
the group`s strong cash flows and experienced debtor management. By issuing
zaAA credit rated debentures to Investec Capital Markets, the company has
been able to secure its anticipated funding requirements for the next three
years at competitive rates based on the strength of its debtors` book, and to
secure a new long term funding structure with Investec Bank," said Grenville
Wilson, chief executive.
For further information call Ferdie Pieterse, FD Kelly Group, on 082 905 2820
Issued by du Plessis Associates on behalf of Kelly Group Limited
dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547, Mobile:
082 330 2034 or
e-mail: kellygroup@dpapr.com
website: www.kellygroup.co.za
Date: 06/05/2010 14:01:02 Produced by the JSE SENS Department.
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