Johannesburg-listed Nepi Rockcastle's wholly-owned subsidiary, NE Property Cooperatief (NEPC), has closed the corporate bond book build for its recently announced seven year Eurobond.
NEPI has set an issue price of 99.051% for the €500 mln unsecured bond, which matures on November 23 2024, carrying a 1.75% fixed coupon. At this level, the book was oversubscribed.
According to the South Africa-listed landlord, which focuses on CEE, the bond has been placed with a broad range of institutional debt investors across Europe. The net proceeds will be used for general corporate purposes including acquisitions and developments, as and when identified.
S&P and Fitch assigned the Bond a BBB rating, in line with the corporate rating.
