NOTES TO THE FINANCIAL STATEMENTS – NOTE 18

18. Borrowings
  Facility
(drawn
down)
R000		 Secured
by invest-ment
property
at fair
value		 Capital
repayment
date		 Interest
rate		   GROUP
June 2015
R000		   GROUP
June 2014
R000		   COMPANY
June 2015
R000		   COMPANY
June 2014
R000		  
SA Rand bank facilities   R9,5 billion*                      
Nedbank               722 914#       722 914#  
R2,3 billion of the Nedbank loans are fixed at an average rate of 8,7% 1 203 935   August 2016 Prime – 1,8%   788 936   656 186   788 936   656 186  
and have an average maturity of 5,6 years 1 540 304   June 2018 Prime – 1,8%   1 537 902   1 536 380   1 537 902   1 536 380  
Rand Merchant Bank (a division of FirstRand Bank Limited)                          
The loan was fixed until September 2014 at an average rate of 9,23%     September 2014 JIBAR + 1,75%       200 000#       200 000#  
The Standard Bank of South Africa Limited                          
The drawn down amount of R393 million was floating at 30 June 2014     December 2014 JIBAR + 0,8%       393 117#       393 117#  
US Dollar bank facilities   R3,4 billion                      
RMB   (40% of Canal                      
86% of the drawn down amount of R296,8 million (USD24,2 million) is fixed for the full term. The average rate is 4,6% USD30 million Walk) May 2018 LIBOR + 3,2%   296 820   172 272          
The Standard Bank of South Africa Limited   R5,7 billion                      
86% of the drawn down amount of R1,2 billion (USD96,4 million) is fixed. The average rate is 4,38% USD100 million (40% of
Canal Walk,
75,15% of
The Glen)		 August 2019 LIBOR + 2,75%   1 183 585              
The drawn down amount of R603,3 million (USD57,5 million) was floating and was settled by African Land in September 2014     December
2016		 LIBOR + 4,75%       603 259          
Standard Finance (Isle of Man) Limited   R5,7 billion                      
The drawn down amount of R485,9 million (USD39,6 million) is fixed for the full term at an average rate of 4,2% USD 40 million (40% of
Canal Walk,
75,15% of
The Glen)		 October 2017 LIBOR + 3,17%   485 940   417 639          
96% of the drawn down amount of R226,7 million (USD18,5 million) is fixed for the full term. The average rate is 4,4% USD20 million   November 2018 LIBOR + 2,85%   226 726   200 086          
* CapeGate, Atterbury Value Mart, Woodlands Boulevard, Clearwater Mall and Willowbridge South                          

  Capital
repayment
date		 Interest
rate		   GROUP
June 2015
R000		   GROUP
June 2014
R000		   COMPANY
June 2015
R000		   COMPANY
June 2014
R000		  
Debt capital market funding                      
Corporate bonds                      
Debt capital market funding                      
Corporate bonds                      
Six-year bond – fixed until October 2020 at 9,39% November 2019 Base rate + 1,54%   450 000   450 000   450 000   450 000  
Five-year bond – fixed for the full term at 7,33% September 2017 JIBAR + 1,50%   300 000   300 000   300 000   300 000  
Five-year bond – fixed at an average rate of 7,69% and an average maturity of 1,9 years May 2018 JIBAR + 1,45%   450 000   450 000   450 000   450 000  
Three-year bond(1) July 2015 JIBAR + 1,34%   400 000#   400 000   400 000#   400 000  
Five-year bond – fixed until September 2019 at 9,23% November 2019 JIBAR + 1,5%   200 000       200 000      
Commercial paper                      
Three-month commercial paper(1) October 2015 JIBAR + 0,36%   182 000#   499 000#   182 000#   499 000#  
Three-month commercial paper August 2015 JIBAR + 0,36%   190 000#   198 000#   190 000#   198 000#  
Total interest-bearing borrowings       6 691 909   7 198 853   4 498 838   5 805 597  
African Land – the loan is unsecured, bears no interest and is payable on demand               761 128      
Total non-interest-bearing borrowings               761 128      
Reconciliation to the statements of financial position                      
Non-current       5 919 909   5 185 822   3 726 838   3 792 566  
Long-term portion of interest-bearing borrowings       5 919 909   5 185 822   3 726 838   3 792 566  
Current       772 000#   2 013 031#   1 533 128#   2 013 031#  
Short-term portion of interest-bearing borrowings       772 000#   2 013 031#   772 000#   2 013 031#  
African Land               761 128      
Total borrowings       6 691 909   7 198 853   5 259 966   5 805 597  
(1) The three-year bond and R300 million of the commercial paper are fixed at an average rate of 9,4% and have an average maturity of 6,6 years.
# Short term
At year-end, interest rates were fixed in respect of 94,5% (June 2014: 71,4%) of borrowings, at a weighted average rate of 7,1% (June 2014: 7,5%). The loan to value ratio at year-end was 22,9% (June 2014: 26,6%).