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Redefine Properties Limited R1,65bn Green Bond
The Property Finance team is pleased to announce the successful conclusion of a R1,65bn green bond qualifying as a high-quality liquid asset (HQLA) for Redefine Properties Ltd (Redefine) as part of a R5bn debt-refinancing package.
The debt package comprises a combination of revolving credit facilities and listed green bonds. The green bond is a milestone achievement, as it represents the first green bond structured and concluded by Nedbank CIB for a corporate client. The proceeds from Redefine’s green bond will be used exclusively to finance a portfolio of green buildings certified by the Green Building Council of South Africa (GBCSA) with ratings of four green stars and above.
The deal was a culmination of a successful collaboration between the Property Finance, Debt Capital Markets and Sustainable Finance Solutions teams, with the objective of supporting Redefine’s current funding needs in a manner that would allow for further opportunities to expand Nedbank’s share of wallet and protect Nedbank’s leading-lender position. The refinancing extends Redefine’s debt maturity profile, while enhancing the liquidity of Nedbank’s HQLA portfolio and returns for CIB.
The solution was innovative in that it unlocked a financing opportunity to fund a portfolio of operationally efficient GBCSA-certified green buildings that promote a combination of energy-, water- and waste-efficient practices by means of a green bond. The green bonds were structured into two listed green notes issued under Redefine’s Johannesburg Stock Exchange (JSE)-listed Domestic Medium Term Note Programme and are listed on the Sustainability Segment of the JSE.
The deal enhances our status as a leading sustainable finance provider offering innovative, client-focused solutions and further strengthens our relationship with Redefine.
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Redefine Properties Limited R1,65bn Green Bond
The Property Finance team is pleased to announce the successful conclusion of a R1,65bn green bond qualifying as a high-quality liquid asset (HQLA) for Redefine Properties Ltd (Redefine) as part of a R5bn debt-refinancing package.
Published 09 May 2023 in nedbank:cib-insights
