| NOTES TO THE FINANCIAL STATEMENTS – NOTE 17 |
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Facility
R000 |
Secured by
property(1) |
Capital
repayment date |
Interest rate |
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June 2017
R000 |
|
June 2016
R000 |
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| SA Rand bank facilities |
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| Nedbank Limited |
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| R1,5 billion of the Nedbank loans are fixed at an average rate of 9,1% and have an average maturity of 4,2 years |
1 203 935
1 540 304 |
(2)
(3) |
August 2016
June 2018 |
Prime – 1,8%
Prime – 1,8% |
|
Repaid
1 214 754(5) |
|
854 052
1 539 076 |
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| Old Mutual Specialised Finance Proprietary Limited (OMSFIN) |
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| 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 |
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| US Dollar bank facilities |
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| RMB |
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| 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 |
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| The Standard Bank of South Africa Limited |
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83% of the drawn down amount of R1,3 billion (USD100 million) is fixed. The average rate is 4,5%
69% of the drawn down amount of R1,4 billion (USD111,0 million) is fixed.
The average rate is 3,9% |
USD100 million
USD120 million |
40% of Canal Walk, 75,15% of The Glen(4) |
August 2019
July 2020 |
LIBOR + 2,75%
LIBOR + 2,40% |
|
1 304 466
1 448 212 |
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1 477 370
1 435 990 |
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| Standard Finance (Isle of Man) Limited |
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The drawn down amount of R521,8 million (USD40 million) is fixed for the full term at an average rate of 4,2%
89% of the drawn down amount of R260,9 million (USD20 million) is fixed for the full term. The average rate is 4,4% |
USD40 million
USD20 million |
40% of Canal Walk, 75,15% of The Glen(4) |
October 2017
November 2018 |
LIBOR + 3,17%
LIBOR + 2,85% |
|
521 786(5)
260 893(5), (6) |
|
590 948
295 474 |
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| Stanbic IBTC Bank PLC |
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| 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 |
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| Investec Asset Management Proprietary Limited |
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| 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 |
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| (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 |
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|
Capital repayment/
maturity date |
Interest
rate |
|
June 2017
R000 |
|
June 2016
R000 |
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| Debt capital market funding |
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| Corporate bonds |
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| Six-year bond – fixed until October 2020 at 9,4% |
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November 2019 |
3-month JIBAR + 1,54% |
|
450 000 |
|
450 000 |
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| Five-year bond – fixed for the full term at 7,3% |
|
September 2017 |
3-month JIBAR + 1,50% |
|
300 000(5) |
|
300 000 |
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| Five-year bond –fixed at an average rate of 8,0% with a maturity of 0,6 years |
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May 2018 |
3-month JIBAR + 1,45% |
|
450 000(5) |
|
450 000 |
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| Five-year bond – fixed until September 2019 at 9,23% |
|
November 2019 |
3-month JIBAR + 1,50% |
|
200 000 |
|
200 000 |
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| Three-year bond – floating |
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July 2019 |
3-month JIBAR + 1,69% |
|
357 881 |
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| Four-year bond – floating |
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July 2020 |
3-month JIBAR + 1,79% |
|
424 841 |
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| Five-year bond – fixed at an average rate of 9,7% with a maturity of 6,5 years |
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July 2021 |
3-month JIBAR + 1,90% |
|
316 873 |
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| Commercial paper |
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| Six-month commercial paper |
|
October 2016 |
6-month JIBAR + 0,4% |
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|
120 000 |
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| Three-month commercial paper |
All repaid during the year |
August 2016 |
3-month JIBAR + 0,5% |
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|
80 000 |
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| Six-month commercial paper |
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August 2016 |
6-month JIBAR + 0,45% |
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|
135 000 |
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| Six-month commercial paper |
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August 2016 |
3-month JIBAR + 0,95% |
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105 000 |
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| Shareholder loans |
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| AIH International Limited (shareholder loan to Gruppo Investments Nigeria Limited, which owns Ikeja City Mall in Lagos, Nigeria)(6) |
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March 2021 |
17,25% |
|
210 218 |
|
217 163 |
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| (5) Short-term |
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| (6) Short-term portion R43 587 |
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| Total interest-bearing borrowings |
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8 900 638 |
|
9 926 088 |
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| Reconciliation to the statements of financial position |
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| Non-current |
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|
5 068 332 |
|
8 632 036 |
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| Long-term portion of interest-bearing borrowings |
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|
5 068 332 |
|
8 632 036 |
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| Current |
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|
3 832 306 |
|
1 294 052 |
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| Short-term portion of interest-bearing borrowings |
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3 832 306 |
|
1 294 052 |
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| Total borrowings |
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8 900 638 |
|
9 926 088 |
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| NOTES TO THE FINANCIAL STATEMENTS – NOTE 17 |
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