Sibanye Stillwater (SBSW): This is the reason Sibanye launches $...

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Re: Gliderider post# 428

Tuesday, 09/19/2017 11:58:40 AM

Tuesday, September 19, 2017 11:58:40 AM

This is the reason

Sibanye launches $450m convertible bond

South African mining company Sibanye-Stillwater will sell bonds worth $450 million convertible into stock to refinance a loan used to partly fund an acquisition, the company said on Tuesday.

Sibanye plans to set the conversion price in a range of 30 and 35% above volume-weighted average share price during Tuesday’s session.

Shares in Sibanye, which bought sole US platinum producer Stillwater last year in a $2.2 billion deal, fell 9% to R15.94 as of 0748 GMT, reflective of the dilutive impact of the bonds.

The 2023 bonds are expected to carry a coupon of between 1.625% and 2.375%, and are payable twice a year.

Sibanye, rated Ba2 with a stable outlook by Moody’s, said it would set the final conversion price and coupon later in the day.

https://www.moneyweb.co.za/news-fast-news/sibanye-launches-450m-convertible-bond/

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