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Hyprop Investments Limited
Group annual financial statements 2016
17.
Borrowings
continued
Capital
repayment date
Interest rate
GROUP
June 2016
R000
GROUP
June 2015
R000
Debt capital market funding
Corporate bonds
Six-year bond – fixed until October 2020 at 9,4%
November 2019
3-month
JIBAR + 1,54%
450 000
450 000
Five-year bond – fixed for the full term at 7,3%
September 2017
3-month
JIBAR + 1,50%
300 000
300 000
Five-year bond – fixed at an average rate of 8,3% with
an average maturity of 7,2 years
May 2018
3-month
JIBAR + 1,45%
450 000
450 000
Three-year bond
(1)
July 2015
3-month
JIBAR + 1,34%
400 000
#
Five-year bond – fixed until September 2019 at 9,2% November 2019
3-month
JIBAR + 1,50%
200 000
200 000
Commercial paper
Six-month commercial paper
October 2016
6-month
JIBAR + 0,4%
120 000
#
Three-month commercial paper
August 2016
3-month
JIBAR + 0,5%
80 000
#
Six-month commercial paper
August 2016
6-month
JIBAR + 0,45%
135 000
#
Six-month commercial paper
August 2016
3-month
JIBAR + 0,95%
105 000
#
Three-month commercial paper
(1)
October 2015
3-month
JIBAR + 0,36%
182 000
#
Three-month commercial paper
August 2015
3-month
JIBAR + 0,36%
190 000
#
Shareholder loans
AIH International Limited (shareholder loan to Gruppo
Investments Nigeria Limited, which owns Ikeja City Mall
in Lagos, Nigeria)
March 2021
17,25%
217 163
Total interest-bearing borrowings
9 926 088
6 691 909
Reconciliation to the statements of financial position
Non-current
8 632 036
5 919 909
Long-term portion of interest-bearing borrowings
8 632 036
5 919 909
Current
1 294 052
772 000
#
Short-term portion of interest-bearing borrowings
1 294 052
772 000
#
Total borrowings
9 926 088
6 691 909
(1)
The three-year bond and R300 million of the commercial paper were 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 80,8% (2015: 94,5%) of borrowings, at a weighted average rate of 6,7% (2015: 7,1%).
The loan to value ratio at year-end was 30,8% (2015: 22,9%). The loan to value ratio was calculated on a “see-through” basis, including 60% of
the Euro denominated debt and 75% of the in-country debt for Ikeja City Mall in Lagos, Nigeria.