Sibanye CEO Neal Froneman
Photo by: Creamer Media
JOHANNESBURG – South African precious metals producer Sibanye-Stillwater, which is headed up by CEO Neal Froneman, said on Tuesday that it was launching a tender offer worth up to $400-million to buy back some of its bonds.
Sibanye, which plans to buy platinum producer Lonmin in a deal scheduled to close in the second half of the year, said the tender offer would allow it to retire around 31% of its long-term debt.
Up to $350-million of the tender offer applies to 6.125% bonds due June 27, 2022, and $50-million to 1.875% convertible bonds due Sept. 26, 2023.
Sibanye said in a statement that it would fund the tender offer from existing cash resources.