By Christine Van Dusen
Atlanta, Sept. 30 - South Africa's Gold Fields Orogen Holding Ltd., a subsidiary of Gold Fields Ltd., priced $1 billion 4 7/8% notes (Baa3/BBB-/) due Oct. 7, 2020 at 99.297 to yield 4.965%, or Treasuries plus 245 basis points, a market source said.
Barclays, JPMorgan and Citigroup were the bookrunners for the Rule 144A transaction, which includes a make-whole call at Treasuries plus 40 bps.
By late afternoon the notes were trading at 244 bps bid, 240 bps offer, a source said.
The notes will be guaranteed by Gold Fields, GFI Mining South Africa Ltd., Gold Fields Operations Ltd. and Gold Fields Holding Co. (BVI) Ltd.
Proceeds will be used to repay existing debt and for general corporate purposes, according to a Moody's Investors Service report.
Gold Fields is a gold mining company based in Johannesburg.
| Issuer: | Gold Fields Orogen Holding Ltd.
|
| Guarantors: | Gold Fields, GFI Mining South Africa Ltd., Gold Fields Operations Ltd. and Gold Fields Holding Co. (BVI) Ltd.
|
| Amount: | $1 billion
|
| Maturity: | Oct. 7, 2020
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, JPMorgan, Citigroup
|
| Coupon: | 4 7/8%
|
| Price: | 99.297
|
| Yield: | 4.965%
|
| Spread: | Treasuries plus 245 bps
|
| Call features: | Make-whole call at 40 bps
|
| Trade date: | Sept. 30
|
| Settlement date: | Oct. 7
|
| Ratings: | Moody's; Baa3
|
| Standard & Poor's: BBB-
|
| Distribution: | Rule 144A
|
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