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Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
121
17.
Borrowings
Facility
R000
Secured by
property
(1)
Capital
repayment date Interest rate
June 2017
R000
June 2016
R000
SA Rand bank facilities
Nedbank Limited
R1,5 billion of the Nedbank loans
are fixed at an average rate of 9,1%
1 203 935
(2)
August 2016 Prime – 1,8%
Repaid
854 052
and have an average maturity of
4,2 years
1 540 304
(3)
June 2018 Prime – 1,8%
1 214 754
(5)
1 539 076
Old Mutual Specialised Finance
Proprietary Limited (OMSFIN)
R400 million is fixed at an average
rate of 9,7% and has an average
maturity of 4,0 years
400 000
Somerset
Mall
July 2022
3-month
JIBAR + 1,55%
399 428
399 317
US Dollar bank facilities
RMB
90% of the drawn down amount
of R299,7 million (USD23 million) is
fixed for the full term. The average
rate is 5,0%
USD23 million
40% of
Canal Walk
May 2018 LIBOR + 3,2%
299 744
(5)
339 474
The Standard Bank of South Africa
Limited
83% of the drawn down amount of
R1,3 billion (USD100 million) is fixed.
The average rate is 4,5%
USD100 million
40% of
Canal Walk,
75,15% of
The Glen
(4)
August 2019 LIBOR + 2,75%
1 304 466
1 477 370
69% of the drawn down amount of
R1,4 billion (USD111,0 million) is fixed.
The average rate is 3,9%
USD120 million
July 2020 LIBOR + 2,40%
1 448 212
1 435 990
Standard Finance (Isle of Man) Limited
The drawn down amount of
R521,8 million (USD40 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
(4)
October 2017 LIBOR + 3,17%
521 786
(5)
590 948
89% of the drawn down amount
of R260,9 million (USD20 million)
is fixed for the full term. The average
rate is 4,4%
USD20 million
November 2018 LIBOR + 2,85%
260 893
(5), (6)
295 474
Stanbic IBTC Bank PLC
The drawn down amount of
R424,0 million (USD32,5 million) is
floating at an average rate of 7,4%
USD32,4 million
Ikeja City
Mall
December 2017 LIBOR + 6,25%
423 945
(5)
535 556
Investec Asset Management
Proprietary Limited
The drawn down amount of
R317,6 million (USD24,3 million) is
floating at an average rate of 7,4%
USD24,3 million
Ikeja City
Mall
December 2017 LIBOR + 6,25%
317 597
(5)
401 668
(1)
Encumbered properties total R22.1 billion (2016: R24.4 billion)
(2)
The R1,2 billion facility was refinanced with DCM funding during the year, refer to new three-year, four-year and five-year bonds below
(3)
CapeGate and Atterbury Value Mart
(4)
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
(5)
Short-term
(6)
Although this facility contractually expires in November 2018, negotiations have begun (with Standard Finance (Isle of Man) Limited) which will result in a shorter
term