South Africa’s multimedia giant Naspers has announced its bond offering of US$750 million has exceeded demand.
HumanIPO reported last week on the US$750 million bond offering, which Naspers planned to use for future acquisitions.
“As a consequence of increased demand to participate in the offering, MIH (Myriad International Holdings) B.V. has placed a further US$250 million six per cent notes due 2020 (“Follow-on Bonds),” said Naspers in a statement.
The injected US$250 million will increase the offering to US$1 billion.
Naspers shares climbed to ZAR800 (US$81.19) on the Johannesburg Stock Exchange (JSE) yesterday, but by midday today declined to ZAR790.05 (US$80.18), which translates to the multimedia organisation having a ZAR328.52 billion (US$33.3 billion) market cap.
“An application will be made for the admission of the Follow-on Bonds to listing on the Official List and trading on the Global Exchange Market of the Irish Stock Exchange,” the company said.
“The net proceeds will be used for general corporate purposes, including future acquisitions and the repayment of certain amounts outstanding under the Naspers group’s revolving credit facilities.”
