https://www.miningweekly.com

Sibanye announces early tender results for bond notes buyback

Sibanye-Stillwater CEO Neal Froneman

Sibanye-Stillwater CEO Neal Froneman

Photo by Creamer Media

18th September 2018

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE- and NYSE-listed precious metals miner Sibanye-Stillwater announced early tender results of its offer to repurchase up to $350-million of the 6.1% notes due in June 2022 and 7.1% notes due in June 2025.

The aggregate purchase price relating to the 6.1% notes amounted to $145-million and the aggregate purchase price relating to the 7.1% notes amounted to $200-million.

“We are delighted to announce the results of the tender offers following the early tender time, pursuant to which both offers were fully subscribed.

“The repurchase of these instruments, which is scheduled to occur on the early settlement date of September 19, is consistent with delivery against our strategic goals of reducing our leverage, thereby creating immediate value,” CEO Neal Froneman commented on Tuesday.

The repurchase of the high-yield notes and the convertible bond repurchase announced previously by the miner, retires about 30% of its long-term debt at a nominal value of about $415-million.

Sibanye, therefore, expects to reduce yearly interest costs by about $25-million.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.16 0.196s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: