Primetime Successfully Redeems Bwp96 Million Maturing Loan Despite Covid Headwinds

  • Debt replaced with a ten-year floating rate term loan facility from Botswana Insurance Fund Managers
  • Encouraging appetite from debt capital markets despite Covid-19 headwinds

BSE listed diversified property group Prime Time announced the successful redemption of a BWP96 million debt facility in terms of its Domestic Medium Term Note Programme (“the Programme”).

The Floating Rate Unsecured Notes issued in terms of the Programme expired on 10 June this year and were successfully redeemed, being replaced with a new 10-year facility with Botswana Insurance Fund Managers (BIFM). The term loan will fully amortise in instalments to be paid over the last three years of its tenor.

PrimeTime’s Financial Director commented: “We are pleased with the redemption and new debt issuance which lengthens PrimeTime’s debt expiry profile. The ongoing support of our funders is encouraging and speaks to our resilient portfolio, which has performed exceptionally well in the face of the challenges of the last year and a half.”

Managing Director, Sandy Kelly added: “It is good to see appetite from lenders for PrimeTime debt. I believe it shows confidence in the approach PrimeTime has taken to managing the COVID-19 pandemic, during which we successfully increased occupancy across the portfolio. We are also in the process of regearing some major leases which will provide secure income for the longer-term.’’