Refinancing of short-term bridge facilities

AECI Limited - Refinancing of short-term bridge facilities

PR Newswire

London, December 3

AECI LIMITED

(Incorporated in the Republic of South Africa)

(Registration No. 1924/002590/06)

Share code: AFE ISIN ZAE000000220

Hybrid code: AFEP ISIN ZAE000000238

Bond company code: AECI

(“AECI” or “the Company”)

REFINANCING OF SHORT-TERM BRIDGE FACILITIES

AECI has successfully refinanced the short-term bridge facilities which were utilised to fund the acquisition of Schirm GmbH (and related assets) and Much Asphalt Proprietary Limited. The refinance was effected through a competitive syndication process where the Standard Bank of South Africa Limited acted as arranger and bookrunner.

The bridge facilities were termed out into ZAR700 million, US$61 million and EUR68 million facilities across three-, four- and five-year term bullet facilities. As part of the syndication process, AECI also raised ZAR800 million in four- and five-year listed bonds. The five-year bond priced tighter than the similar inaugural five-year bond issued in September 2018.

The syndication was well supported by both local and international financial institutions and was four times oversubscribed.

The facilities were priced competitively, which will result in a reduced cost of funding for the Company and an improved debt maturity profile.

Woodmead, Sandton

3 December 2018

Sponsor

Rand Merchant Bank (A division of FirstRand Bank Limited)