MEDIA RELEASE issued by THE SOUTH AFRICAN NATIONAL ROADS AGENCY LTD 2 SEPTEMBER 2009 SANRAL RAISES R750 MILLION
The South African National Roads Agency Limited (‘SANRAL’) in the second auction under the Domestic Medium Term Note Programme carrying a full guarantee from the Government of the Republic of South Africa, tapped into its two bonds with maturities in 2020 and 2034.
Overall bids received during the auction totalled R1,805 billion. R750 million of bonds were allocated at market spreads of 0,75% and 0,77% over the RSA Government benchmarks.
Including the R9,95 billion raised without a guarantee, SANRAL has now raised R12,2 billion of funding for the expansion and upgrade of toll roads, particularly the Gauteng Freeway Improvement Project which is planned to be substantially completed before the 2010 FIFA World Cup.
Absa Capital and Rand Merchant Bank are appointed as Joint Lead Arrangers and Market Makers on SANRAL’s BESA listed Domestic Medium Term Note Programme.
