Platinum miner Northam Platinum has completed a private placement of domestic medium-term notes to the value of R1.65-billion under its R2-billion Domestic Medium-Term Note Programme.
The new notes will mature over a one-year (R250-million), two-year (R250-million) and three-year (R1.15-billion) term from the date of issue.
The initial proceeds from the new notes will be applied toward settling existing notes in issue which mature on April 20, May 18 and June 9.
Further, the issue of the R1.15-billion of three-year term notes aligns with the platinum miner's medium-term plan to repurchase Northam ordinary shares or Zambezi Platinum preference shares.
“Northam is pleased to maintain its balance sheet strength and funding flexibility in order to complete its various growth projects and, in due course, to commence a programme of repurchasing its ordinary shares and/or purchasing Zambezi preference shares to return value to shareholders,” CEO Paul Dunne commented on Tuesday.