https://www.miningweekly.com

Sibanye-Stillwater concludes $450m convertible bonds tender process

5th September 2018

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE- and NYSE-listed precious metals miner Sibanye-Stillwater has announced the conclusion of its invitation to tender convertible bonds for purchase up to the aggregate principal amount of $50-million in aggregate purchase price to holders of its $450-million 1.8% guaranteed unsecured convertible bonds due in 2023.

The final buyback price has been established at 75%, expressed as a percentage of each $200 000 in principal amount of the convertible bonds. No convertible bonds tendered for purchase at a purchase price above the final buyback price will be accepted for purchase pursuant to the invitation.

Eligible holders who have submitted valid tender instructions and whose convertible bonds are accepted for purchase in the invitation will receive, on the settlement date, a cash consideration equal to the final buyback price.

Sibanye will also pay, in relation to the tendered bonds, an amount in cash equal to interest accrued but unpaid on the convertible bonds up to the settlement date.

Based on the expected settlement date of September 11, the accrued interest payment will be $1 718 per $200 000 in principle amount of the convertible bonds, or 0.86%.

Sibanye has decided to accept convertible bonds submitted pursuant to valid tender instructions which specified a purchase price equal or below the final buyback price in an aggregate principal amount of $66-million.

Convertible bonds submitted pursuant to valid tender instructions which specified a purchase price below the final buyback price will be accepted in full without any pro rata scaling.

Convertible bonds submitted pursuant to valid tender instructions which specified a purchase price equal to the final buyback price will be pro-rated.

The total purchase price in respect of the tendered bonds will be $50-million.

As announced on September 4, the company has also launched a tender process to retire up to $350-million (including accrued interest) of its 6.12% bond notes due on June 27, 2022, and 7.12% bond notes due on June 27, 2025.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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