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Growthpoint Properties Limited - Placement Of Growthpoint"s Commercial Mortgage
Backed Securitisation ("Cmbs") Notes
Growthpoint Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
Share code: GRT ISIN: ZAE000037669
("Growthpoint" or "the company")
PLACEMENT OF GROWTHPOINT"S COMMERCIAL MORTGAGE BACKED SECURITISATION ("CMBS")
NOTES
1. INTRODUCTION
Investec Bank Limited is authorised to announce that Growthpoint has
successfully placed R805 million of new bonds, in a book build exercise
concluded earlier today, in the first tranche of its R5 billion CMBS programme
announced on 10 October 2005. The pricing over the three month JIBAR rate
achieved on the bonds was as follows:
- AAA 0,34% over 3-M JIBAR
- AA- 0,51% over 3-M JIBAR
- A- 0,85% over 3-M JIBAR; and
- BBB 1,05% over 3-M JIBAR
The weighted average price of the issue is 0,47% over the three month JIBAR
rate. All the bonds have a five year term and will be listed on the Bond
Exchange of South Africa on 28 November 2005.
2. RATIONALE AND PROPOSED BENEFITS
The proposed benefits of Growthpoint"s CMBS programme include:
- lower average cost of borrowings;
- diversification of borrowing sources;
- increased competitive advantage of Growthpoint to make value enhancing
acquisitions; and
- increased distributions to Growthpoint linked unit holders.
The net proceeds of the issue will be used for the refinancing of existing
debt and in addition, Growthpoint may use the proceeds of the issue for
acquisitions of additional property assets in support of its strategy.
For and on behalf of the board
Growthpoint Properties Limited
Sandton
23 November 2005
Investment bank
Investec
Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Lead arranger and manager
Investec
Treasury & Specialised Finance
Innvestec Bank Limited
(Registration number 1969/004763/06)
Attorneys to the
arranger and issuer
WEBBER WENTZEL BOWENS
Attorneys to Growthpoint
JOWELL GLYN & MARAIS
Sponsor
Investec Bank Limited
(Registration number 1969/004763/06)
Date: 23/11/2005 04:50:08 PM Produced by the JSE SENS Department
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