By Mary-Katherine Stinson
Lexington, Ky., Dec. 9 – Pan African Resources plc announced Pan African Resources Funding Co. Ltd.’s inaugural issuance of senior second ranking secured sustainability-linked notes in two tranches totaling ZAR 800 million, according to a notice.
The issuance, which was oversubscribed, is equivalent to $46.4 million at the current exchange rate.
The ZAR 585 million first tranche due Dec. 13, 2025 and the ZAR 215 million second tranche due Dec. 13, 2027 both priced at par.
The 2025 notes have a coupon of Jibar plus 360 basis points and the 2027 notes have a Jibar plus 375 bps interest rate.
The notes will be listed on the sustainability segment of the Johannesburg Stock Exchange on Dec. 13.
Rand Merchant Bank is the dealer and arranger.
The debt sponsor is Questco Corporate Advisory (Pty) Ltd.
Pan African is the first mining company to issue a sustainability-linked bond in the South African market.
The notes were issued under Pan African Resources’ ZAR 5 billion domestic medium-term note program established Dec. 6, as previously reported. The program allows for senior notes and subordinated notes.
Pan African is a gold exploration company with headquarters in South Africa.
| Issuer: | Pan African Resources Funding Co. Ltd.
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| Guarantors: | Pan African Resources plc, Evander Gold Mining Proprietary Ltd., Barberton Mines Proprietary Ltd., Evander Gold Mines Proprietary Ltd. and Pan African Resources SA Holdings Proprietary Ltd.
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| Amount: | ZAR 800 million
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| Issue: | Senior second ranking secured sustainability-linked notes
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| Bookrunner: | Rand Merchant Bank
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| Trustee: | TMF Corporate Services South Africa Proprietary Ltd.
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| Counsel to the issuer: | Bowman Gilfillan Inc.
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| Trade date: | Dec. 8
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| Listing date: | Dec. 13
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| Listing: | Johannesburg Stock Exchange
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| Tranche 1
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| Amount: | ZAR 585 million
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| Maturity: | Dec. 13, 2025
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| Coupon: | Jibar plus 360 bps
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| Price: | Par
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| ISIN: | ZAG000192758
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| Tranche 2
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| Amount: | ZAR 215 million
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| Maturity: | Dec. 13, 2027
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| Coupon: | Jibar plus 375 bps
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| Price: | Par
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| ISIN: | ZAG000192766
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