Sibanye-Stillwater prices $1.2bn senior notes offering
Precious and green metals miner Sibanye-Stillwater has priced an upsized $1.2-billion senior notes offering.
The new bonds will be issued through the group’s wholly owned subsidiary, Stillwater Mining Company (SMC).
The offering is subject to customary closing conditions and the settlement is expected to occur on or around November 16.
The new bonds comprise two tranches – a $675-million five-year tranche that will carry a 4% yearly coupon and a $525-million eight-year tranche that will carry a 4.5% yearly coupon.
The net proceeds of the new bonds will be used to redeem the 2025 notes, as well as for general corporate purposes, including advancing the group’s green metals strategy through investments and accretive acquisitions to improve earnings diversification.
Sibanye has concurrently elected to issue a notice of redemption for SMC’s $346.9-million June 2025 notes on December 6.
The redemption price is 103.5625% of the principal amount of the 2025 notes, plus accrued and unpaid interest on the 2025 notes up to, but excluding, the redemption date, amounting to $370.2-million.
“The strong interest and support of our new bond issuance is a further vote of confidence in the group’s prospects by the capital markets.
“The bond issuance allows a significant reduction in borrowing rate over extended debt maturities, while maintaining group leverage well below our targeted level of 1x net debt to adjusted earnings before interest, taxes, depreciation and amortisation,” CEO Neal Froneman says.
Citigroup Global Markets, Merrill Lynch International, JP Morgan Securities and Morgan Stanley & Co International acted as joint global coordinators for the new bonds.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
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















