Prosus, the multinational classified / marketplace arm of Naspers, will raise $2.2 billion U.S. by taking out bonds. The funds will be used to finance its merger and acquisition activity.

Prosus said it planned to sell a 30-year bond worth $1.5 billion. The bond, due to mature 2051, has an interest rate of 3.832%. The company also plans to sell two Euro-denominated debt instruments worth €350 million and €250 million, respectively. Prosus issued the Euro bonds as tap sale, meaning that they were pulled from previous issuances.

Investors seemed pleased by the offerings, which are expected to close Tuesday. Dollar notes were oversubscribed more than two times and the taps of the euro notes more than three times, according to the company.

“The current favorable market backdrop enabled Prosus to further enhance its average debt maturity profile while reducing its average cost of funding,” Prosus said in a news release.

“The purpose of the offerings is to raise proceeds for general corporate purposes, including potential future M&A activity, and to further augment the company’s liquidity position.”

South Africa-based media group Naspers is traded on the Johannesburg Stock Exchange. In September, it listed Prosus on the Euronext in Amsterdam. Prosus posted a solid 28% growth in revenue to $12.7 billion for the first half of FY2021.

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