Sibanye refinances, increases dollar-denominated facility to $1bn
Multinational mining and metals processing group Sibanye-Stillwater has successfully refinanced and increased its dollar-denominated revolving credit facility from $600-million to $1-billion, providing enhanced liquidity for the diversified miner.
CEO Neal Froneman says the increase in the size of the facility, especially considering the uncertain macro-environment, is a “strong vote of confidence” in the group and further confirmation of the appropriateness and success of Sibanye’s strategic growth and diversification over the past decade.
“The larger facility enhances the group’s liquidity and flexibility, accommodating the growth that has taken place in the group and supporting ongoing delivery of value to all stakeholders.”
The facility agreement concluded with a syndicate of ten international banks, led by Citi and Royal Bank of Canada, includes an option for Sibanye to increase the facility size by a further $200-million to $1.2-billion, through the inclusion of additional lenders and a margin of between 1.6% and 2%, dependent on leverage.
The new facility maturity is three years, with lenders having the option to extend the facility tenor through two further one-year extensions on request from Sibanye.
The new loan also lists borrowers and guarantors similarly to those under the previous RCF – being Sibanye, Sibanye Gold, Stillwater Mining Company, Sibanye Rustenburg Platinum Mines, Kroondal Operations and Western Platinum – and will now also include Eastern Platinum and Sibanye Stillwater Sandouville Refinery.
In addition, Sibanye has secured working capital and trading facilities for Sibanye Stillwater Sandouville Refinery – a wholly-owned subsidiary of Sibanye Battery Metals, which is in turn a wholly-owned subsidiary of Sibanye.
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