Naspers raising $750m for acquisitions

JSE-listed media and internet firm Naspers has announced a bond offering priced at US$750 million, with the proceeds to be used to pay for future acquisitions, among other things.

The group 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.

The Bonds will be fully and unconditionally guaranteed by Naspers.

“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,” Naspers said.

Earlier this week, Indian e-commerce site Flipkart.com is reported to have raised $200 million from four of its existing investors, Naspers.

Naspers announced in its provisional report for the year ended March 2013, that in August 2012 it acquired a 10% interest in Flipkart for R858 million in cash.

Last month Naspers reported a 27% rise in consolidated revenues, to R50.2 billion for the year ended March 2013.

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Naspers raising $750m for acquisitions