Implats offering South African rand, dollar convertibles due 2022

By Stephanie N. Rotondo

Seattle, May 25 – Impala Platinum Holdings Ltd. has launched a dual offering of up to ZAR 2.6 billion convertible unsecured bonds due 2022 and up to $300 million of convertible unsecured bonds due 2022.

Price talk on the ZAR 2.6 billion bonds is for a yield of 6% to 6.75% and on the dollar bonds talk is for a yield of 2.875% to 3.625%. The initial conversion premium is talked at 30% to 35% for both tranches.

Deutsche Bank is the global coordinator. Deutsche Bank, Morgan Stanley & Co. LLC and Rand Merchant Bank are the joint dealer managers.

The company can redeem the issue after four years and 21 days from issuance if the underlying stock hits a 130% price hurdle.

Proceeds from the sale will be used to refinance the company’s 2018 convertible bonds, which include $200 million of 1% convertible notes coming due Feb. 21, 2018 and ZAR 2,672,000,000 of 5% convertible bonds coming due Feb. 21, 2018.

Impala Platinum is a South Africa-based mining company.

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