TRANS - CALEDON TUNNEL AUTHORITY - Notice to increase the aggregate nominal size of Commercial Paper Programme for the Vaal River Eastern Sub-system

Notice to increase the aggregate nominal size of  Commercial Paper Programme for the Vaal River Eastern Sub-system

TRANS-CALEDON TUNNEL AUTHORITY 

WS05 ZAG000018060
WSP3 ZAG000019993
WSP4 ZAG000020009
WSP5 ZAG000020017

NOTICE TO INCREASE THE AGGREGATE NOMINAL SIZE OF THE COMMERCIAL
      PAPER PROGRAMME FOR THE VAAL RIVER EASTERN SUB-SYSTEM
                                AUGMENTATION PROJECT

1. Trans-Caledon Tunnel Authority (“TCTA” or “The Issuer”)

  TCTA is established by Notice No 2631 in Government Gazette No 10545 of 12 December
  1986, as revised by Notice No 277 in Government Gazette No 21017 of 24 March 2000.
  TCTA is a major public entity listed as such in Schedule 2 of the Public Finance Management
  Act no. 1 of 1999 and a water management institution in terms of the National Water Act No.36
  of 1998 operating in the water sector. .


2. The Vaal River Eastern Sub-system Augmentation Project (VRESAP or “The
  Project”)


  VRESAP consists of a 120 km pipeline from the Vaal Dam to the Knoppiesfontein diversion
  structure near Secunda to augment the Vaal River Eastern Sub-system.


  The purpose of the Project is to provide additional water to Eskom and Sasol’s facilities in the
  Mpumalanga Highveld region. The Project yields an estimated 350 million cubic metres (m³) of
  water per annum.
  On 26 November 2004, the then Minister of Water Affairs and Forestry instructed TCTA to fund
  and implement the VRESAP by a directive issued in terms of section 103 (2) of the National
  Water Act (Act no 36 of 1998) titled “Vaal River Eastern Sub-system Augmentation Project”.


3. VRESAP R300 million Commercial Paper Programme


  As part of the funding program for VRESAP, on 23 February 2006 TCTA registered an unlisted
  commercial paper programme in accordance with sub-section (1)(b)(iii) of section 3 of the
  Commercial Paper Regulations as promulgated in Government Notice 2172 (Government
  Gazette Number 16167) of 14 December 1994; (“The Programme” or “VRESAP Commercial
  Paper Programme”) under a programme memorandum titled:
   “Trans-Caledon Tunnel Authority Vaal River Eastern Sub-System Augmentation Project
   (VRESAP) ZAR 300 000 000 Domestic Commercial Paper Programme”


   In terms of The Programme, TCTA, has from time to time, issued senior, unsecured bills,
   ranking pari-passu with The Project’s other debt, not exceeding the maximum aggregate
   nominal amount of ZAR 300 000 000.


4. R100 million Increase in the authorised size of the Programme


   In accordance with the terms of The Programme’s memorandum; as set out on page 2,
   paragraph 4 of “General Description of the Programme”; page 3 “Summary of the Programme”
   and “Page 14, number “10. Notices”: TCTA is required to issue a notice to the noteholders of
   the VRESAP Commercial Paper Programme in specified media should it propose to increase
   the size of The Programme by an amount not exceeding R100 million.


   Accordingly, TCTA hereby notifies the noteholders of The Programme of a R100 million
   increase in the size of the VRESAP Commercial Paper Programme to R400 million (ZAR
   400 000 000) with effect from the date of this notice. Henceforth any reference to The
   Programme should be read to mean:
   “Trans-Caledon Tunnel Authority Vaal River Eastern Sub-System Augmentation Project
   (VRESAP) ZAR 400 000 000 Domestic Commercial Paper Programme”


5. Other Details:


                          Project Ratings (Fitch Ratings* SA National Scale)
  Long-Term                      AA+(zaf)
  Short-term                     F1+(zaf)
  *TCTA’s Projects are rated by Fitch Ratings until 31 December 2017 in terms of the exemption granted by the
  Registrar of Ratings Agencies at the FSB to the RSA and SOEs on 4 November 2015
    Total Debt at Financial Year End (Actual for March 2017, projected for March 2018)
  2016/17 (March 2017)      R3 909 million   Including Commercial Paper of: R192 million
  2017/18 (March 2018)      R3 890 million   Including Commercial Paper of: R320 million
                            Project Borrowing Limit (Authority)
  2016/17                   R4 156 million
  2017/18                   R4 111 million

Issued on this 3rd day of July 2017

For and on behalf of
:
Trans Caledon Tunnel Authority

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