Sibanye-Stillwater CEO Neal Froneman
Photo by: Creamer Media
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.