Ecsponent lists new debt instruments
The instruments will supplement R5bn-listed preference share programme
JSE-listed financial services group Ecsponent said on Friday it had concluded an initial public offering as part of a new R10bn debt programme. The first tranche of notes under the company’s domestic medium-term note (DMTN) programme would be listed on the JSE on Monday. Ecponent said the debt instruments would supplement its R5bn listed preference share programme and lower its overall funding costs. “The notes add to the product range offered to our investor base and the tax treatment of the DMTN programme is more favourable to the group when compared to the preference share programme,” Ecsponent CEO Terence Gregory said in a statement. “This will contribute to lowering the overall cost of capital, directly affecting the bottom-line,” Gregory said.
The capital raised would be used to “accelerate” the group’s equity holdings investments and operational expenditure. “Our equity holdings portfolio is a critical component to balance short and long-term investment horizons,” Grego...
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