| |
Facility
R000 |
Secured
by (property)
*** |
Capital
repayment
date |
Interest
rate |
|
GROUP
June 2016
R000 |
|
GROUP
June 2015
R000 |
|
| SA Rand bank facilities |
|
|
|
|
|
|
|
|
|
| Nedbank Limited |
|
|
|
|
|
|
|
|
|
| R2,3 billion of the Nedbank loans are fixed at an average rate of 9,1% and have an average maturity of 5,2 years |
1 203 935^ |
* |
August 2016 |
Prime — 1,8% |
|
854 052# |
|
788 936 |
|
| |
1 540 304 |
* |
June 2018 |
Prime — 1,8% |
|
1 539 076 |
|
1 537 902 |
|
| Old Mutual Specialised Finance Proprietary Limited (OMSFIN) |
|
|
|
|
|
|
|
|
|
| R400 million is fixed at a rate of 9,7% and matures in 4,8 years |
400 000 |
Somerset
Mall |
July 2022 |
3-month
JIBAR + 1,55% |
|
399 317 |
|
|
|
| US Dollar bank facilities |
|
|
|
|
|
|
|
|
|
| Rand Merchant Bank |
|
|
|
|
|
|
|
|
|
| 90% of the drawn down amount of R339,5 million (USD23 million) is fixed for the full term. The average rate is 4,6% |
USD30
million |
40% of
Canal Walk |
May 2018 |
LIBOR + 3,2% |
|
339 474 |
|
296 820 |
|
| The Standard Bank of South Africa Limited |
|
|
|
|
|
|
|
|
|
| 82,7% of the drawn down amount of R1,5 billion
(USD100 million) is fixed. The average rate is 4,4% |
USD100
million |
40% of
Canal Walk**,
75,15% of
The Glen |
August
2019 |
LIBOR + 2,75% |
|
1 477 370 |
|
1 183 585 |
|
| 74,0% of the drawn down amount of R1,4 billion
(USD97,2 million) is fixed. The average rate is 3,8% |
USD120
million |
|
July 2020 |
LIBOR + 2,40% |
|
1 435 990 |
|
|
|
| Standard Finance (Isle of Man) Limited |
|
|
|
|
|
|
|
|
|
| The drawn down amount of
R590,9 million (USD39,6 million) is fixed for
the full term at an average rate of 4,2% |
USD40
million |
40% of
Canal Walk**,
75,15% of
The Glen |
October
2017 |
LIBOR + 3,17% |
|
590 948 |
|
485 940 |
|
| 89% of the drawn down amount of
R295,5 million (USD20 million) is fixed for
the full term. The average rate is 4,4% |
USD20
million |
|
November
2018 |
LIBOR + 2,85% |
|
295 474 |
|
226 726 |
|
| Stanbic IBTC Bank PLC |
|
|
|
|
|
|
|
|
|
| The drawn down amount of
R535,6 million (USD36,2 million) is floating at an average rate of 6,9% |
USD36,2
million |
Ikeja City Mall |
December
2017 |
LIBOR + 6,25% |
|
535 556 |
|
|
|
| Investec Asset Management Proprietary Limited |
|
|
|
|
|
|
|
|
|
| The drawn down amount of
R401,7 million (USD27,2 million) is floating at an
average rate of 6,9% |
USD27,2
million |
Ikeja City Mall |
December
2017 |
LIBOR + 6,25% |
|
401 66 |
|
|
|
| * |
CapeGate, Atterbury Value Mart, Woodlands Boulevard, Clearwater Mall and Willowbridge South. Subsequent to year end, Nedbank started the process of releasing Woodlands Boulevard, Clearwater Mall and Willowbridge Sout |
| ^ |
The R1,2 billion facility with Nedbank was refinanced with DCM funding subsequent to year-end. Refer to note 37 — Events after the reporting date |
| # |
Short term |
| ** |
40% of Canal Walk and 75,15% of The Glen is secured for borrowings from the Standard Bank of South Africa Limited and its subsidiary, Standard Finance (Isle of Man) Limited |
| *** |
Encumbered properties total R20,8 billion (2015: R24.3 billion). |
| |
Capital
repayment
date |
Interest
rate |
|
GROUP
June 2016
R000 |
|
GROUP
June 2015
R000 |
|
| Debt capital market funding |
|
|
|
|
|
|
|
| Corporate bonds |
|
|
|
|
|
|
|
| Six-year bond — fixed until October 2020 at 9,4% |
November 2019 |
3-month JIBAR + 1,54% |
|
450 000 |
|
450 000 |
|
| Five-year bond — fixed for the full term at 7,3% |
September 2017 |
3-month JIBAR + 1,50% |
|
300 000 |
|
300 000 |
|
| Five-year bond — fixed at an average rate of 8,3% with an average maturity of 7,2 years |
May 2018 |
3-month JIBAR + 1,45% |
|
450 000 |
|
450 000 |
|
| Three-year bond(1) |
July 2015 |
3-month JIBAR + 1,34% |
|
|
|
400 000# |
|
| Five-year bond — fixed until September 2019 at 9,2% |
November 2019 |
3-month JIBAR + 1,50% |
|
200 000 |
|
200 000 |
|
| Commercial paper |
|
|
|
|
|
|
|
| Six-month commercial paper |
October 2016 |
6-month JIBAR + 0,4% |
|
120 000# |
|
|
|
| Three-month commercial paper |
August 2016 |
3-month JIBAR + 0,5% |
|
80 000# |
|
|
|
| Six-month commercial paper |
August 2016 |
6-month JIBAR + 0,45% |
|
135 000# |
|
|
|
| Six-month commercial paper |
August 2016 |
3-month JIBAR + 0,95% |
|
105 000# |
|
|
|
| Three-month commercial paper(1) |
October 2015 |
3-month JIBAR + 0,36% |
|
|
|
182 000# |
|
| Three-month commercial paper |
August 2015 |
3-month JIBAR + 0,36% |
|
|
|
190 000# |
|
| Shareholder loans |
|
|
|
|
|
|
|
| AIH International Limited (shareholder loan to Gruppo Investments Nigeria Limited, which owns Ikeja City Mall in Lagos, Nigeria) |
March 2021 |
17,25% |
|
217 163 |
|
|
|
| Total interest-bearing borrowings |
|
|
|
9 926 088 |
|
6 691 909 |
|
| Reconciliation to the statements of financial position |
|
|
|
|
|
|
|
| Non-current |
|
|
|
8 632 036 |
|
5 919 909 |
|
| Long-term portion of interest-bearing borrowings |
|
|
|
8 632 036 |
|
5 919 909 |
|
| Current |
|
|
|
1 294 052 |
|
772 000# |
|
| Short-term portion of interest-bearing borrowings |
|
|
|
1 294 052 |
|
772 000# |
|
|
|
|
|
|
|
|
|
| Total borrowings |
|
|
|
9 926 088 |
|
6 691 909 |
|
| (1) |
The three-year bond and R300 million of the commercial paper were fixed at an average rate of 9,4% and have an average maturity of 6,6 years |
| # |
Short term |
At year-end, interest rates were fixed in respect of 80,8% (2015: 94,5%) of borrowings, at a weighted average rate of 6,7% (2015: 7,1%).
The loan to value ratio at year-end was 30,8% (2015: 22,9%). The loan to value ratio was calculated on a “see-through” basis, including 60% of the Euro denominated debt and 75% of the in-country debt for Ikeja City Mall in Lagos, Nigeria.
|