By Marisa Wong
Los Angeles, April 28 – Sasol Ltd. announced that wholly owned subsidiary Sasol Financing USA LLC priced $1 billion of 8¾% notes due 2029 (BB+). The notes will be guaranteed by Sasol.
The order book peaked above $2.3 billion, representing an oversubscription of more than 2.3 times, according to a press release.
Citigroup and SMBC Nikko acted as joint global coordinators for the Rule 144A and Regulation S deal. IMI – Intesa Sanpaolo, JPMorgan, BofA Securities, Mizuho Securities, MUFG and Standard Chartered Bank acted as joint bookrunners.
The offering is expected to close on May 3.
Proceeds will be used for repayment of existing debt and for general corporate purposes.
“This successful placement is another important step in pro-actively managing our balance sheet and maintaining a strong liquidity position. As a result of this transaction we have now fully pre-funded our March 2024 bond maturity, and this follows the recent extension of our U.S. dollar loan maturity to 2028,” Hanre Rossouw, chief financial officer of Sasol, commented in the release.
Sasol is a Johannesburg-based energy and chemical company.
| Issuer: | Sasol Financing USA LLC
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| Guarantor: | Sasol Ltd.
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| Amount: | $1 billion
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| Issue: | Notes
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| Maturity: | 2029
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| Bookrunners: | IMI – Intesa Sanpaolo, JPMorgan, BofA Securities, Mizuho Securities, MUFG and Standard Chartered Bank
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| Global coordinators: | Citigroup and SMBC Nikko
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| Coupon: | 8¾%
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| Announcement date: | April 28
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| Settlement date: | May 3
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| Rating: | S&P: BB+
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| Distribution: | Rule 144A and Regulation S
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