https://www.miningweekly.com
Business|Flow|generation|Platinum|Sustainable|Flow
Business|Flow|generation|Platinum|Sustainable|Flow
business|flow-company|generation|platinum|sustainable|flow-industry-term

Implats strengthening balance sheet through early conversion of bonds

17th July 2019

By: Creamer Media Reporter

     

Font size: - +

Platinum group metals (PGMs) producer Impala Platinum (Implats) is inviting holders of its $250-million 3.25% convertible bonds due in 2022 (USD bonds) to exercise their conversion rights.

Bondholders will receive a cash payment and shares in Implats in accordance with the terms of the USD bonds.

The optimisation of Implats’ balance sheet through a reduction and restructuring of its existing debt is a key pillar of its strategy to reposition as a profitable, sustainable and competitive business with clear capital allocation priorities and, ultimately, a return to a dividend paying position. 

To this end, the USD bonds have been identified as a priority given their higher relative risk profile and costs when combined with the Cross Currency Interest Rate Swap.

"Rising rand PGM pricing and the reported improvement in operational delivery at Implats has had the dual benefit of both improving free cash flow generation and substantial share-price appreciation. This has allowed us to contemplate taking bold steps to accelerate our capital allocation priorities by taking advantage of market conditions to reduce a material debt obligation at the group,” Implats CEO Nico Muller says.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 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:0.114 0.198s - 90pq - 2rq
Subscribe Now