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A E C I LIMITED - Refinancing of short-term bridge facilities

Release Date: 03/12/2018 12:00
Code(s): AFE AFEP AECI01 AECI02 AECI03 AECI04     PDF:  
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Refinancing of short-term bridge facilities

(Incorporated in the Republic of South Africa)
(Registration No. 1924/002590/06)
Share code: AFE ISIN ZAE000000220
Hybrid code: AFEP ISIN ZAE000000238
Bond company code: AECI
("AECI" or "the Company")


AECI has successfully refinanced the short-term bridge facilities which were utilised to fund the
acquisition of Schirm GmbH (and related assets) and Much Asphalt Proprietary Limited. The refinance
was effected through a competitive syndication process where the Standard Bank of South Africa
Limited acted as arranger and bookrunner.

The bridge facilities were termed out into ZAR700 million, US$61 million and EUR68 million facilities
across three-, four- and five-year term bullet facilities. As part of the syndication process, AECI also
raised ZAR800 million in four- and five-year listed bonds. The five-year bond priced tighter than the
similar inaugural five-year bond issued in September 2018.

The syndication was well supported by both local and international financial institutions and was four
times oversubscribed.

The facilities were priced competitively, which will result in a reduced cost of funding for the Company
and an improved debt maturity profile.

Woodmead, Sandton
3 December 2018

Rand Merchant Bank (A division of FirstRand Bank Limited)

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