Creamer Media Login

Indebted Transnet rolls over R7bn loans for four months

8th November 2023

Font size: - +

Transnet rolled over R7-billion of debt due this week until March, giving the South African State-owned port and rail company relief for four months.

The bonds, which were due November 6, were dealt with “using funding and existing facilities,” Transnet said in an emailed response to questions. The company sold zero-coupon notes maturing in February and March next year, shortly after next year’s budget presentation.

The Public Investment Corporation (PIC), which manages the bulk of government employees pension funds and had R4.4-billion of Transnet’s bonds due for repayment on November 6, rolled over its exposure into a new short-term commercial paper maturing in March, News24 reported on Wednesday. It also received the balance of more than R250-million, the news website said.

The PIC said it would respond later to a request by Bloomberg for comment.

Finance Minister Enoch Godongwana made no provision for Transnet in his medium-term budget policy statement last week, despite a last minute bid for a bailout by the embattled company.

“We are realistic that at some point we need to find a solution for Transnet,” Godongwana said. “Moving forward, our view is that we need a Transnet that agrees to a particular program and we going to insist on that.”

Edited by Bloomberg

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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?

Click Here

MAGAZINE & ONLINE

➕

RESEARCH CHANNEL AFRICA

➕

CORPORATE PACKAGES

CLICK FOR A QUOTATION

➕