S&P gives Sasol notes BB+

S&P said it gave BB+ issue credit and 3 recovery ratings Sasol Financing USA LLC’s planned $1 billion in six-year notes. The issuer is a subsidiary of Sasol Ltd., which the agency rates BB+.

Sasol plans to use the net cash proceeds from the proposed notes toward repayment of existing debt and for general corporate purposes.

“The proposed issuance follows the April 2023 refinancing of Sasol's existing banking facilities (which were to mature in 2024) through new revolving credit and term loan facilities totaling $2.97 billion, both with a five-year maturity and with two extension options of one year each. In addition, the group also issued a $750 million convertible bond in November 2022. We believe the proceeds from this issuance, in addition to cash on hand and available undrawn facilities, will adequately cover the upcoming repayment of Sasol's $1.5 billion senior unsecured notes maturing in March 2024,” S&P said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.