Sandfire reports strong support for raising
The institutional entitlement offer and placement that Sandfire announced last week as part of a broader financing package for the acquisition of the Matsa mining complex in Spain, had been well received, MD and CEO Karl Simich reported on Monday.
The placement would raise A$285-million and the institutional entitlement offer would raise about $641-million at an offer price of A$5.40 a share – representing a 13.2% discount to Sandfire’s last traded price of A$6.22 a share on September 23 and a 6.2% discount to the theoretical ex-rights price of A$5.76 a share on the same date.
Trading in shares of Sandfire reopened on Monday. The company’s stock traded at A$4.45 a share – down 12.40% on the previous close of A$6.22 a share.
The retail component of the entitlement offer had been fully underwritten and would raise about A$322-million. In conjunction with the placement and institutional entitlement offer, the combined proceeds of the equity raising would be A$1.25-billion.
Sandfire last week announced a financing package that includes a $650-million (A$897-million) syndicated and underwritten debt facility secured by Matsa, a A$200-million drawdown of corporate debt secured against DeGrussa and A$297-million from existing cash reserves for the acquisition of Matsa for $1.87-billion (A$2.57-million).
Matsa comprises three underground mining operations and a 4.7-million-tonne-a-year central processing facility with infrastructure producing 100 000 t/y to 120 000 t/y of copper equivalent.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation