SOUTH AFRICA: Agrarius Sustainability Engineered (Agrarius) has priced its inaugural Sukuk issuance worth ZAR500 million (US$27.69 million) at a final margin of 4.75% and is expected to list the facility on the Johannesburg Stock Exchange on the 28th October 2022, IFN has learned.
The bookbuilding was oversubscribed at ZAR520 million (US$28.79 million); the final bookbuilding was allocated to seven institutions comprising fund managers, retirement funds, medical aid funds and insurance institutions, as well as 32 individuals and family offices. The facility has a final profit participation rate of three-month Johannesburg interbank average rate plus 4.75%.
The issuance will finance between five and 10 sustainable and green projects in the agricultural sector value chain.
IFN previously reported that the bookbuild was extended by one day as several investors experienced administrative difficulties in providing certain required information on the participation application form.