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Imperial Holdings Limited - Press Release
Release Date: 27/11/2003 17:07:00 Code(s): IPL
Imperial Holdings Limited - Press release
Imperial Holdings Limited
(Registration number 1946/021048/06)
ISIN Code: ZAE000003620
Share Code: IPL
PRESS RELEASE
R1 billion capital market bond issue by Imperial
Imperial Holdings Ltd (Imperial), South Africa"s largest private mobility
company, today announced the successful issue of the R1 billion IPL3 corporate
bond. The bond was issued by Imperial Group (Pty) Ltd, a wholly owned
subsidiary of Imperial, and guaranteed by Imperial. Maturing in November 2010
and issued at 127 basis points above the benchmark R153 Government stock, it
carries a coupon interest rate of 10% and a yield to maturity of 10.07%.
The IPL3 is the third series issued by Imperial under its domestic medium term
note (DMTN) programme. The R800m IPL1 was issued in September 2001 and matures
in March 2006, while the R800m IPL2 was issued in February 2002 and matures in
February 2008. Imperial"s unlisted commercial paper programme, consisting of
capital market funding of less than a year, comprises some R2.2 billion.
Imperial has now raised R4.8 billion directly from the capital markets, across a
range of maturities, which present Imperial with its own yield curve, ranging
from 90 days to 7 years.
Bill Lynch, Imperial"s CEO, comments that "Imperial"s debt capital market
strategy has been a great success since its inception in early 2000." He
continues, "Funding directly from the capital markets is now a cornerstone of
Imperial"s general debt funding strategy."
Imperial"s Financial Director, Hafiz Mahomed, notes that, "The DMTN and the
commercial paper programmes have provided Imperial with a great deal of funding
flexibility, as well as a substantial pricing benefit in its debt funding."
Imperial is the first major non-bank corporate to issue a bond with a maturity
as long as 7 years. Its successful placement and pricing is an indication of
the extent to which the capital markets have accepted Imperial"s good credit and
its consistency as a regular issuer. Imperial has a strong AA+ credit rating
from CA Ratings.
The implementation of the bond was jointly managed by Imperial Bank Ltd and Rand
Merchant Bank, a division of FirstRand Bank Ltd (RMB).
For further information contact:
Imperial: Mr Hubert Brody (011) 372 6500
Imperial Bank Mr Andrew Millard (011) 259 3683
RMB: Mr Eugene du Plessis (011) 282 8000
Imperial Corporate Bond issue of ZAR 1 000 000 000 10% Notes
under its ZAR 3 500 000 000 Domestic Medium Term Note Programme
Issuer: Imperial Group (Proprietary) Limited
Guarantor: Imperial Holdings Limited
Issue amount: ZAR 1 000 000 000
Redemption date: 30 November 2010
Settlement date: 2 December 2003
Coupon: 10%
Fixed Interest dates: 31 May and 30 November
Spread: 127 bps above the benchmark
Underlying government benchmark: R153
Yield to maturity: 10.07%
All-in price: 99.70783
Co-Managers: Imperial Bank Limited and Rand Merchant Bank a
division of FirstRand Bank Limited (RMB)
Listing: Bond Exchange of South Africa
Bond code: IPL3
ISIN Number: Pending
Status: Senior Unsecured Unsubordinated
Governing law: South African
Series number: 3
Tranche number: 1
Interest/Payment basis: Fixed rate
Business centre: Johannesburg
Specified Denomination: R1 000 000
Credit rating assigned to Guarantor: AA+ long-term rating by CA-Ratings
Further information on the IPL3 Bond and the DMTN Programme can be obtained
from:
Andrew Millard (Imperial Bank Limited): +27 11 259 3683
Eugene du Plessis (RMB): +27 11 269 9030
Allen Jones (BESA): +27 11 215 4000
Johannesburg
27 November 2003
Sponsor
Merrill Lynch South Africa (Pty) Limited
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