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Sanral raises R500 million

The South African National Roads Agency Limited (‘SANRAL’) in its last auction for 2009 raised R500 million under its Domestic Medium Term Note Programme carrying a full guarantee from the Government of the Republic of South Africa, by tapping into its two bonds with maturities in 2020 and 2034.

Overall bids received during the auction totalled R846 million. R500 million of bonds were allocated at market spreads of 0,65% and 0,655% over the RSA Government benchmarks – tighter than the previous closing spreads.

Including the R9,95 billion raised without a guarantee, SANRAL has now raised R14.05 billion of funding for the expansion and upgrade of toll roads, particularly the Gauteng Freeway Improvement Project which is planned to be substantially completed before the 2010 FIFA World Cup.

Absa Capital and Rand Merchant Bank are appointed as Joint Lead Arrangers and Market Makers on SANRAL’s BESA listed Domestic Medium Term Note Programme.

Contact

Absa Capital: Leigh Cunningham Scott +27 11 895 7036 or Rand Merchant Bank: Gill Raine +27 11 282 8124 or SANRAL: Philip Gildenhuys +27 11 214 8078

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