JOHANNESBURG – Sibanye-Stillwater said on Wednesday that it had concluded the tender process to retire some of its $450 million (R7 billion convertible bonds.
The company on Tuesday announced the launch of a $400m tender process to repurchase a portion of its corporate and convertible bonds.
"Sibanye-Stillwater is pleased to announce the conclusion of its previously announced invitation to tender convertible Bonds for purchase up to the aggregate principal amount corresponding to $50m in aggregate purchase price to holders of its $450m 1.875 percent guaranteed unsecured convertible bonds due 2023," it said on Wednesday.
The final buyback price was 75 percent, it added.
Eligible holders who had submitted valid tender instructions and whose convertible bonds were accepted for purchase would receive on the settlement date a cash consideration equal to the final buyback price.
Sibanye-Stillwater would also pay an amount in cash equal to interest accrued but unpaid on the convertible bonds up the settlement date.
"Based on the expected settlement date of 11 September 2018, the accrued interest payment shall be $1 718.75 per $200 000 in principal amount of the convertible bonds or 0.86 percent," it said.
On Tuesday Sibanye said the company would fund the repurchase from existing cash resources, including the $500m advance proceeds of its recently concluded streaming transaction with Wheaton Precious Metals International.
It said the tender would allow the company to repurchase and retire about 31 percent of its long-term debt.
The bond notes are currently listed on the Irish Stock Exchange while the convertible bonds are listed on the Frankfurt Stock Exchange.