Aug. 4 (Bloomberg) -- Puma Energy Holdings is considering selling debt in South Africa as the Singapore-based oil storage and fuel retailer seeks funding for acquisitions.
Nedbank Capital took the company on a non-deal roadshow “to introduce Puma to investors in South Africa and gauge their appetite for Puma Energy credit,” Bruce Stewart, head of debt origination for the Johannesburg-based investment bank, said in an e-mailed response to questions today. “If they do decide to issue, and this is still to be decided -- it will be an inward-listed rand bond.”
Puma Energy, whose largest shareholder is commodity trader Trafigura Beheer BV, became Australia’s biggest independent fuel retailer after it made acquisitions valued at more than $800 million last year. The closely held company plans to add storage and service-station networks and said in March it wants to use longer-term financing raised in global debt markets to help finance more acquisitions.
“Related terms and conditions of any potential bond and its timing to market are, however, not yet public,” Nedbank’s Stewart said.
Fergus Dullaghan, a spokesman for Trafigura, declined to comment on the potential debt sale.
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