Transnet signs loan deal with international banks worth over R25bn

State-owned rail firm Transnet has agreed to a five-year loan worth $1.5bn with a group of international lenders led by Deutsche Bank in its biggest funding transaction in seven years.

Poor maintenance, a lack of spare parts for trains, copper cable theft and vandalism have disrupted Transnet’s freight rail services.In April, Transnet declared force majeure, saying its capacity to provide services to mineral exporters was constrained by a lack of locomotives, large-scale theft of copper cables and vandalism of infrastructure.

Transnet will use the loan to fund its expansion projects and refinance existing debt, it said late on Tuesday. “This is a significant milestone to stabilise Transnet’s liquidity position in support of our financial sustainability,” said Transnet group CFO Nonkululeko Dlamini.Africa Finance Corporation, African Export-Import Bank and Bahrain-headquartered Ahli United Bank were involved in the syndicated loan transaction alongside Deutsche Bank.

Last week, Transnet issued a veiled threat to coal exporters that had not agreed to amend transportation contracts after its declaration of force majeure in April.

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