PrimeTime Property Holdings Limited, the Botswana Stock Exchange (BSE) listed property investment company said it has listed two notes on the bourse as it looks to diversify its funding options. The notes were issued and listed under the company’s P500 million Domestic Medium Term Note Programme.
“Offers were received for BWP196,000,000 and the total issuance amounted to BWP105,000,000 for both the five year floating rate note (PTP021) and the eight year fixed rate note (PTP024),” PrimeTime said.
“The successful subscription by the institutional fund managers is a demonstration of their confidence in PrimeTime as a solid, well performing property fund,” it added.
The company said the issuance of the notes under the programme will enable it to continue its strategic goals to grow and diversify its portfolio in the interest of developing long-term shareholder wealth, while structuring debt to minimise its impact on distribution.
“It represents its intention to diversify its funding sources and become a regular issuer of medium to long term debt. Note: This announcement does not constitute, nor form part of, an offer or invitation, or solicitation or inducement of an offer, to subscribe for or purchase any of the senior unsecured notes or other securities of the Issuer, nor is this announcement circulated to invite offers for any securities of the Issuer.”