Naspers bond offer exceeds demand
JSE-listed media and internet firm, Naspers has announced that its bond offering, priced at US$750 million, has exceeded demand.
As a result, the group says it has placed an additional US$250 million in follow-on bonds, taking the offering to US$1 billion.
Shares in Naspers hit a record high of R800 on the JSE on Tuesday (16 July), but slipped back to R790.05 by midday on Wednesday (17 July), giving the group a market cap of R328.52 billion.
The group’s shares have gained 78% over the past year, adding R346.45 on the local bourse.
Naspers advised on Friday (12 July) that its indirect wholly owned subsidiary MIH, on 11 July 2013, successfully priced its US$750 million 6% notes due 2020.
“As a consequence of increased demand to participate in the offering, MIH B.V. has
placed a further US$250m 6% notes due 2020,” Naspers said in a statement on Wednesday (17 July)
“The net proceeds will be used for general corporate purposes, including future acquisitions and the repayment of certain amounts outstanding under the Naspers group’s revolving credit facilities,” it added.
An application will be made for the admission of the follow-on bonds to listing on the Official List and trading on the Global Exchange Market of the Irish Stock Exchange.
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