Sanral raises R406m

2010-05-05 17:36

Johannesburg - The South African National Roads Agency Limited (Sanral) has raised R406m by tapping into its HWAY20, HWAY23 and HWAY34 bonds in its fourth auction for 2010, it said on Wednesday.

"There has been continued strong support from investors with bids received during the auction totalling R721m.

"R406m of bonds were allocated at market spreads tighter than previous issues," Sanral added.

Sanral has now raised R17.3bn of funding in total for the expansion and upgrade of toll roads, particularly the Gauteng Freeway Improvement Project which was on schedule for the 2010 FIFA World Cup, it said.

Absa Capital and Rand Merchant Bank were appointed as Joint Lead Arrangers and Market Makers on Sanral's JSE listed Domestic Medium Term Note Programme.

  - Sapa