DiData issues $100m convertible bond

Dimension Data is to issue a £100m 7-year convertible bond to fellow South African company Venfin. If Venfin converts the bond into equity, it will end up with 12 per cent of the diluted capital of the networking equipment reseller. Venfin, a technology investment firm, will earn interest of 5.375 per cent.DiData says it has free cash after commitments of $200m. It is cashflow positive and it expects to remain cashflow positive in coming years. The bond issue is subject to shareholder approval. ®