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Lewis Group Ltd launches ZAR2 Billion Bond Programme

Tuesday, 29 Oct 2013 07:24am EDT 

Lewis Group Ltd announced that it has launched a ZAR2 billion domestic medium-term note (DMTN) programme. The group successfully raised ZAR500 million in the first issuance of the programme. The programme will be listed on the JSE with effect from October 31, 2013. The funds were raised across a three-year bond and six month commercial paper. The issue was 2.55 times subscribed, with bids totaling ZAR1.277 billion. The group has entered into the DMTN programme to diversify its sources of funding. The proceeds of the issue will be used primarily to fund operational requirements and for refinancing maturing debt. Absa is the sole lead arranger and ratings adviser on the transaction. 

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