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SASOL successfully launches R2bn corporate bond
Sasol successfully placed a R2bn bond, the proceeds of which will be used to fund part of its ongoing funding requirements and to improve its debt structures. The bond issue was oversubscribed 1,7 times.
Details of the bond issue are:
· Settlement Date: 1 Sep 03
· Principal Amount: R2bn
· Maturity Date: 1 Sep 07
· Coupon: 10.50%
· Coupon Dates: 1 Mar and 1 Sep
· Books close Date: 18 Feb and 20 Aug
· Re-offer yield: 10.69% all-in
· Re-offer price: 99.39447
· Listing: Bond Exchange of South Africa
· Bond Code: SFL2
· Issue Spread: 105 bps over R194
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Sasol plans to sell rand denominated bonds
Sasol is planning to sell rand denominated bonds, benefiting from an increased demand for debt that has been inflated by a government payment to investors due at the end of Aug 03. One analysts commented, following the release of the group's profit warning, that Sasol was still committed to financing projects and maintenance worth about R50bn over the next few years despite the expected drop in earnings. Sasol confirmed that it was working on issuing a bond in the near future but declined to release details.
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Sasol issues profit warning
Sasol anticipates its attributable earnings for the 12 months ended 30 Jun 03 to be 26% lower than those of the previous financial year. The group cited, amongst other things, the wide spread uncertainty in global markets, the slowing down of the world's major economies and the unexpected further strengthening of the Rand as the reason for lower earnings.
With respect to its chemicals portfolio, Sasol referred to some of these businesses being exposed to serious margin pressures because of intense competition and higher energy-related feedstock costs. In subsequent months and contrary to in-house expectations and those of many economists and financial institutions, the Rand continued to strengthen with a corresponding adverse impact on trading revenues and translation effects. Furthermore, chemical margins particularly in Europe and North America were burdened by intensified pressure and reduced to very low levels and, in some cases, losses.
However, it is still anticipated that the total dividend for the 12 months ended 30 Jun 03 will be the same as in the previous financial year, which will be within the group's targeted dividend cover range of 2.5 to 3.5.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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