JOHANNESBURG (miningweekly.com) – JSE- and NYSE-listed Gold Fields has successfully refinanced its $1.44-billion credit facilities, which were due in November 2017.
The new facilities amounted to $1.29-billion and comprised three tranches, including a $380-million three-term loan with a margin of 250 basis points, a $360-million three-year revolving credit facility and a $550-million five-year revolving credit facility with a margin of 245 basis points.
The new facilities had been concluded with a syndicate of 15 banks.
The interest rate on the new facilities were similar to the interest rate on the existing facilities.
A total of $645-million would be drawn from the new facilities to repay the group’s existing facilities, with $645-million remaining unused.
The refinancing was a key milestone in the company’s balance sheet management and increased the maturity of its debt, with the first maturity now only due in June 2019.
In addition, Gold Fields had successfully reduced its net debt by $150-million following a tender offer on the bonds and accelerated equity raising.