PPC Mandates Bank Syndicate for Proposed 4b Rand Rights Offer
Co. mandates syndicate of banks comprising Standard Bank of South Africa, Nedbank, Absa Bank, Rand Merchant Bank to lead proposed rights-offer process.
* Standard Bank of South Africa named sole global coordinator
* Joint bookrunners provided standby underwriting commitment of 4b rand in relation to proposed rights offer
* Co. targets posting of circular during wk of June 27 to convene shareholders’ extraordinary general meeting to approve necessary resolutions required to implement rights offer toward end-July
* NOTE: June 24: PPC Gets Bank Guarantees of 2 Billion Rand to Redeem Bonds. Source: Bloomberg