To view the PDF file, sign up for a MySharenet subscription.

METAIR INVESTMENTS LIMITED - Update on debt financing arrangements

Release Date: 16/10/2017 07:05
Code(s): MTA     PDF:  
Wrap Text
Update on debt financing arrangements

Metair Investments Limited
Incorporated in the Republic of South Africa
Registration number 1948/031013/06
Share code: MTA
ISIN: ZAE000090692
(“Metair” or the “Group”)

UPDATE ON DEBT FINANCING ARRANGEMENTS

Metair shareholders (“Shareholders”) are advised of the following information with regard to Metair’s
debt financing arrangements:

Preference shares

Metair currently has an aggregate of R1.4 billion in cumulative redeemable no par value preference
shares (“Preference Shares”) in issue which are redeemable on a pro rata basis over a period of five
years from the date of issue, being 2 September 2014.

Metair indicated in the 2017 interim results commentary published on SENS on 17 August 2017 that it
intended to refinance the R840 million Preference Shares, maturing in October 2017 (“Maturing
Preference Shares”), using a combination of a new preference share subscription for R500 million,
with a 3 year maturity, and additional revolving credit facilities of R350 million, with a 5 year maturity.
The Group has subsequently finalised a new repayment structure while continuing to secure long term
liquidity for the Group.

Redemption of preference shares

In light of the strong cash generation of the Group, as well as, the relative ease of repatriating funds
from Metair’s foreign operations, Metair has extended the maturity date of the R280 million of the
Maturing Preference Shares to September 2018 and has redeemed the R560 million in Maturing
Preference Shares, using a combination of available cash of R280 million and existing unutilised debt
facilities.

The remaining Preference Shares still in issue total R840 million, at a dividend rate of 69% of the ruling
South African prime interest rate calculated on a nominal annual monthly compounded basis. The
maturity profile of the remaining Preference Shares require redemption of R560 million Preference
Shares in September 2018 and R280 million Preference Shares in September 2019.

Long term liquidity

Metair is pleased to advise Shareholders that it has successfully secured a number of commitments, in
excess of its requirements, from several of leading South African banks for longer term funding and
liquidity at very competitive rates. Metair expects to finalise the required debt facilities during October
2017, and will advise Shareholders accordingly.


Johannesburg
16 October 2017

Sponsor
One Capital

Date: 16/10/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story