| Tue 9 Nov 2010, 9:23 | | VKE - Vukile Property Fund - Raises R462 Million in first commercial mortgage |
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VKE
VKE
VKE - Vukile Property Fund - Raises R462 Million in first commercial mortgage
backed security placed in 2010
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE Share code: VKE ISIN: ZAE000056370
NSX Share code: VKN
("Vukile")
VUKILE RAISES R462 MILLION IN FIRST COMMERCIAL MORTGAGE BACKED SECURITY PLACED
IN 2010
Johannesburg, 9 November 2010 - Listed Property Loan Stock company Vukile has
successfully raised R462 million through Vukile Investment Securitisation (Pty)
Ltd (VIPS) arranged by Absa Capital, the first commercial mortgage backed
securitisation to be placed in 2010.
R1.2 billion worth of bids was received during the auction, which was 2.7 times
oversubscribed. The placement of R462 million of notes will be used to
refinance the first tranche of the R770 million notes that were issued in 2005
which matured on 7 November 2010.
Vukile chief executive Gerhard van Zyl said that the company was delighted with
the refinancing of the R462 million tranche. "It reduces our all-in cost of
refinancing this debt by 54bps or R2.5 million per annum."
Three different classes of three-year floating notes were issued, maturing on 7
November 2013, and paying interest at three month JIBAR plus 145 basis points
for the class A note (Aaa.za rated); JIBAR plus 195 basis points for the class B
note (Aa1.za rated); and JIBAR plus 205 basis points for the class C note (A1.za
rated).
Prasanna Nanna, head of the South African Debt Capital Markets team at Absa
Capital, said: "This deal marks Absa Capital`s fifth securitisation deal this
year. Further we are proud of our ongoing relationship with Vukile Property Fund
and its VIPS securitisation since its inception."
For further information contact Gerhard van Zyl, CEO Vukile Property Fund
Limited, on 011 288 1002
Issued by du Plessis Associates on behalf of Vukile Property Fund Limited.
dPA contact Helen McKane Tel : +27 11 728 4701,Fax: +27 11 728 2547, Mobile: 082
330 2034 or e-mail: vukile@dpapr.com
website: www.vukileprops.co.za
JSE Sponsor
One Capital
NSX Sponsor
IJG Securities (Pty) Limited
Date: 09/11/2010 09:23:01 Produced by the JSE SENS Department.
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