RDCP floats P100m bond

Listed real estate group, RDC Properties, is floating a P100 million bond via a private placement, with the proceeds to be used to refinance an existing bond which is set to mature in early December. In a notice to the Botswana Stock Exchange (BSE), the property firm said the new bond would carry a fixed rate with a guidance of between 8.75 percent to nine percent, while the size of the note carried an option of being increased to P125 million “subject to volume and pricing”. The latest bond carries a one-year maturity and forms part of RDC Properties’ P500 million programme under which four notes, including the one maturing in December, have been issued thus far. The notes issued under the programme thus far amount to P174.5 million and carry maturities ranging from one to seven years. According to the notice distributed to investors this week, the guidance on the upcoming bond represents the highest yield of the existing notes under RDC Properties’ programme. The quantum of the bond is also comfortably above the other existing notes, with the previous highest being the P75 million which expires in December. RDC Properties has a portfolio last valued at P5.8 billion and spread across Botswana, South Africa, and Croatia.