https://www.miningweekly.com
Africa|Coal|Export|Financial|Freight|Ports|rail|Transnet
Africa|Coal|Export|Financial|Freight|Ports|rail|Transnet
africa|coal|export|financial|freight|ports|rail|transnet

Transnet plans bond sale under $6bn note programme

A train operated by Transnet Freight Rail

Photo by Creamer Media

26th January 2023

By: Bloomberg

  

Font size: - +

Transnet, which operates South Africa’s ports and freight rail networks, is planning to sell a dollar-denominated bond under a $6-billion note programme, people familiar with the situation said.

The bond will be of five-year tenure and investor meetings ahead of the sale will begin Thursday, the people said, asking not to be identified because the information isn’t public.

The sale comes after the state-owned company breached financial covenants on loans in its last financial year as the amount of coal it moved on the country’s main export line plunged. It had a cash-to-interest ratio of 2.1 compared with the 2.5 cover ratio required on some of its debt, it said.

Standard Bank Group, Absa Group and JPMorgan Chase & Co will act as bookrunners for the sale, the people said.

Transnet said it would respond to queries later. Standard Bank declined to comment and Absa and JPMorgan didn’t immediately respond to queries.

Edited by Bloomberg

Comments

Latest News

The Woodsmith project, in the UK
BHP’s bid for Anglo casts cloud over $9bn fertiliser mine
Updated 1 hour 15 minutes ago By: Bloomberg
The Mogalakwena mine in South Africa
BHP considering improved proposal for Anglo American, sources say
Updated 1 hour 33 minutes ago By: Reuters

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.113 0.153s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: