Transnet has successfully re-entered the international syndicated loan market by signing a five-year senior unsecured term loan facility of up to $1.5-billion led by Deutsche Bank. The facility will be used by Transnet to finance its capital expansion programme and refinance existing debt in line with Transnet’s 2022/23 funding plan. More importantly, it will probably stave off a Moody’s downgrade.
Commenting on the transaction, Transnet’s group chief financial officer, Nonkululeko Dlamini, said: “This is a significant milestone to stabilise Transnet’s liquidity position in support of our financial sustainability. It has been the single largest funding transaction which Transnet has been able to secure in the last seven years with the benefit of diversifying our investor base in the process.
“These weaknesses include the company’s repeated delays in publishing audited financial statements, its inability to obtain unqualified audit opinions and recurring breaches of debt covenants,” says the note from Moody’s. However, over the past two years, a new management team has taken over, including new chief executive, Portia Derby, and new chief financial officer, Nonkululeko Dlamini.
“Transnet is actually one of those state-owned enterprises that is big for our local capital market. So they need to access both local and international capital markets in order to be able to adequately fund the business,” she says. Moody’s also noted that the operating environment in South Africa had improved thanks to high commodity prices and increased international demand for some of the main commodities that Transnet transports, in the wake of Russia’s war in Ukraine, including coal and manganese.
Mooooore loans, moooooore debt to pay back. Guys never bloody learn.
You saved my life out of all debt I do think I could ever tell you how much you mean to me l will keep telling people about your good work in my life Melisa_Daniel1
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