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

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