Redefine Properties Ltd. plans to issue senior unsecured floating rate notes under a domestic medium-term note program worth 10.00 billion South African rand.

On March 27, the company will issue 284.0 million rand in 8.873% notes due March 27, 2020, and 216.0 million rand in 9.083% bonds that will mature March 27, 2022. The notes were priced at 100% of their issue size.

The coupon rate on the 2020 bonds is three-month JIBAR, as at March 22, of 7.333% plus 154 basis points. Meanwhile, the 2022 bonds' coupon is three-month JIBAR, as at March 22, of 7.333% plus 175 basis points.

The Johannesburg Stock Exchange Ltd. approved the company's proposed listing of the notes.

As of March 24, US$1 was equivalent to 12.43 South African rand.