Stor-Age REIT Secures Approval for ZAR5B Bond Launch

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Stor-Age REIT Secures Approval for ZAR5B Bond Launch

Stor-Age Property REIT Expands Financial Portfolio with New Bonds on JSE

Stor-Age Property REIT Limited, a prominent real estate investment trust based in South Africa, has recently announced the approval of two new financial instruments on the Johannesburg Stock Exchange (JSE). These additions are part of the company’s ZAR5 billion Domestic Medium Term Note Programme. The launch of these bonds is expected to strengthen the company's financial portfolio and improve its liquidity position.

The first bond, designated as STOR01, involves a nominal issue of R300 million. This floating rate instrument will have an interest rate calculated based on the 3-month JIBAR as of 15 April 2024, plus an additional margin of 132 basis points. With an issue price of 100%, the bond is set to mature on 18 April 2027. Following this issuance, the total amount outstanding under the programme will reach R500 million.

The second bond, named STOR02, entails a nominal issue of R200 million at the same issue price of 100%. Its interest rate will be determined by the 3-month JIBAR plus a margin of 154 basis points. The maturity date for this bond is scheduled for 18 April 2029. Like the first bond, this issuance will also bring the total amount in issue under the programme to R500 million, preserving the authorised programme size.

Both bonds are classified as senior and unsecured, with their initial interest payments due on 18 July 2024. The instruments will be dematerialised and settled electronically within the Central Securities Depository, adhering to JSE regulations.

This strategic move reflects Stor-Age’s ongoing efforts to optimise its capital structure and enhance liquidity. By leveraging the JSE platform, the company demonstrates its ability to respond effectively to changing market conditions and maintain a strong financial foundation.

For those interested in further details regarding the pricing supplements and the Notes, the JSE website provides comprehensive information.

Key Details of the New Bonds

  • STOR01
  • Nominal Issue: R300 million
  • Interest Rate: 3-month JIBAR + 132 basis points
  • Issue Price: 100%
  • Maturity Date: 18 April 2027

  • Total Outstanding Under Programme: R500 million

  • STOR02

  • Nominal Issue: R200 million
  • Interest Rate: 3-month JIBAR + 154 basis points
  • Issue Price: 100%
  • Maturity Date: 18 April 2029
  • Total Outstanding Under Programme: R500 million

Additional Information

Both bonds are senior and unsecured, with the first interest payments due on 18 July 2024. The electronic settlement process ensures compliance with JSE regulations, making the transactions efficient and secure.

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