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Attacq refinances 3.2B South African rand debt

Attacq Ltd. refinanced 3.2 billion South African rand of debt via two of its wholly owned subsidiaries, Attacq Retail Fund (Pty) Ltd. and Lynnwood Bridge Office Park (Pty) Ltd.

Half of the company's debt was scheduled to expire in May 2018, but Attacq decided to refinance the total amount to extend the term of its loan book and take advantage of favorable pricing. The refinancing was 4.9x oversubscribed and received bids from 10 lenders, out of which the company decided to form funding relationships with three.

The debt is secured against a portfolio comprising 11 prime retail, office, hotel and mixed-use assets, having a total gross leasable area of 221,913 square meters and valued at 6.1 billion rand as of June, the company said in a release.

As of Dec. 7, US$1 was equivalent to 13.66 South African rand.