Fitch assigns Stillwater notes BB

Fitch Ratings said it assigned Stillwater Mining Co.'s planned $1 billion of notes, guaranteed by Sibanye-Stillwater Ltd., an expected senior unsecured rating of BB with an RR4 recovery rating.

The rating is the same as Sibanye-Stillwater’s issuer default rating.

The new notes will be used to prepay its $346.9 million of 2025 bonds and for general corporate purposes.

“The transaction will extend maturities and reduce the cost of long-term funding. Once the proposed bond is completed Sibanye will be funded beyond 2024 (based on our rating case and underlying assumptions for shareholder distributions and acquisitions),” Fitch said in a press release.

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