South Africa's grocery retailer Pick n Pay raises USD 71mn debt.

By bne IntelliNews March 21, 2011
South Africa's second biggest grocery retailer Pick n Pay said it has raised ZAR 500mn (USD 71.4mn) through the sale of three-month debt. The sale will enable Pick n Pay to access short and long term funding, diversify its funding sources, enhance its liquidity position and provide funding flexibility, the company said in a statement. The notes bear interest at the 3 month Johannesburg Inter-bank acceptance Rate plus a margin of 0.24%. Investec Bank Limited acted as the sole arranger and sponsor on the sale and joint dealer with ABSA Capital. The Pick n Pay group has a total of 775 stores and employs over 38,000 people

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335