JOHANNESBURG – Property Developer Hyprop has moved to prove its capacity for self-funding by raising R4 billion in the last quarter in defiance of a Moody’s rating agency decision to downgrade its credit last year.
Hyprop said yesterday that it successfully raised the money through various instruments.
These include unsecured five-year notes which would finance capital expenditure to improve the entertainment offerings at its malls and new tenant fit-outs necessitated by the reduction of space occupied by the Edcon group.
It said the interest on the finance debt would be determined on the draw-down date of the new loans before the end of next month.
Hyprop said the rate was expected to be in line with the average cost of borrowing in Euros of the maturing loans.