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Gold Fields completes buyback of $250m worth of 2020 notes

27th May 2019

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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JSE-listed Gold Fields on Monday announced the successful buyback of $250-million of the outstanding 2020 notes.

The successful completion of the new bonds, as well as the buyback helps Gold Field to achieve one of its key financial objectives for this year, namely extending the maturity of its debt profile.

Following the bond issuances on May 9, Gold Fields started a tender process to buy back up to $250-million of the 2020 notes.

The remaining $600-million worth of 2020 notes, due in October 2020, is expected to be repaid from a combination of available cash and bank debt facilities.

Following the extension of the maturity of its debt profile, the final element will be the refinancing of syndicated bank debt, which is expected to be completed in the third quarter.

Moreover, the group is targeting a reduction in net debt of $100-million to $150-million this year.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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