Listed ICT firm, Pinnacle Technology Holdings says it has completed the successful auction of domestic medium-term notes amounting to R315 million, adding that it was\u00a0over-subscribed by more than 50%.<\/p>\n
This falls within the group’s newly established R2.5 billion Domestic Medium Term Note Programme registered with the JSE Limited (Interest Rate Market).<\/p>\n
It also marks Pinnacle\u2019s debut issuance of corporate bonds in the South African debt capital markets.<\/p>\n
The notes comprised a 3-year floating-rate note bearing interest at a rate spread of 2.1% over the 3 month JIBAR rate. JIBAR is currently 5.125% p.a. giving an initial interest rate of 7.225% on the note.<\/p>\n
The notes will be listed on Tuesday, 30 April 2013.<\/p>\n
\u201cThe success of our first note auction is a great outcome for Pinnacle. This is made particularly gratifying by the fact that it was over-subscribed by more than 50%, relative to the initial indication of R250 million that we gave to the market.”<\/p>\n
“This clearly demonstrates the strong support of Pinnacle amongst institutional investors, for which we continue to be grateful,” said Arnold Fourie, CEO of Pinnacle.<\/p>\n
Rand Merchant Bank acted as lead arranger on this issuance.<\/p>\n
Pinnacle Africa appoints enterprise director<\/strong><\/a><\/p>\n Pinnacle sees further earnings rise<\/strong><\/a><\/p>\n Pinnacle Technology dividend up 52%<\/strong><\/a><\/p>\n