Northam completes R2.06bn note placement
As part of its R15-billion domestic medium-term note programme, JSE-listed platinum group metals miner Northam Platinum has completed a private placement of new domestic medium-term notes to the value of about R2.06-billion.
The programme has thus far effectively extended the maturity of the nominal amount of certain notes to the value of about R1.17-billion by in excess of two years (collectively, the tap issuances).
The aggregate placements following the tap issuances amount to R3.23-billion, with about R1.34-billion, R1.64-billion and R250-million placed on April 19 and 26, and May 26, respectively.
These placements were largely aligned with the maturity dates of notes under bond series NHM007, NHM009 and NHM011.
CEO Paul Dunne says the R3.23-billion combination of new investment and the extension of maturities enables Northam to maintain its preferred level of gearing in the medium term.
Following the tap issuances, the total nominal value of notes in issue under the programme amounts to about R11.36-billion, while R102-million of notes will mature during the current financial year, with the remainder of maturities spread across calendar years 2023 to 2026.
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