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Nedbank CIB arranges landmark auction for Stor-Age
As a leading debt capital market arranger in the property sector, Nedbank CIB is proud to announce its role in assisting Stor-Age with the establishment of its Domestic Medium-Term Note (DMTN) Programme and executing its inaugural public bond auction as the sole lead arranger. Stor-Age raised R500 million across two notes of offer, which listed on the JSE on the 18th of April 2024. Nedbank was also appointed in various agency roles on the programme, including the debt sponsor and paying, settlement, transfer, calculation and issuer agent.
Transaction details
The bond auction, conducted on 15 April 2024, with the notes listed on the Johannesburg Stock Exchange on 18 April 2024, raised R500 million across two notes. The strong demand from investors led to an order book that was 2,7 times oversubscribed, with bids totalling R1,351 billion. The three- year and five-year notes placed at 132bps and 154bps, respectively, below price guidance. The successful placement of the three-year and five-year floating-rate notes at rates below the initial price guidance reflects the high level of trust that the institutional investor base places in Stor-Age’s brand, operating model, and strategic direction, as well as the exceptional capabilities of Nedbank CIB’s Syndication Team. For a first-time issuer, the pricing compares very favourably with larger, more established REITs in the debt capital markets.
As a result of the successful auction outcome, Stor-Age has been able to extend its debt maturity profile, diversify its investor base, and enlarge its unsecured-funding pool. The solid A+(ZA) national-scale long-term rating and A1(ZA) national-scale short-term rating assigned by GCR Ratings in March 2024, with a stable outlook, further support Stor-Age’s positive trajectory.
Menique Botha, Principal in Nedbank CIB’s Debt Capital Markets Origination Team, says: ‘Assisting Stor-Age with the establishment of its DMTN Programme and entry into the local debt capital market is a great milestone for Nedbank DCM and solidifies our strong presence in the property finance sector.’
Stephen Lucas, Stor-Age CFO, says: ‘The successful inaugural auction provides Stor-Age with an excellent foundation to become a regular issuer in the debt capital markets over the medium term and is also a strong vote of confidence from investors in the Stor-Age brand, operating model and strategy.’
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