By Rebecca Melvin
Concord, N.H., Nov. 10 – Sibanye-Stillwater Ltd. subsidiary Stillwater Mining Co. priced $1.2 billion of senior notes (S&P: BB-) in two tranches, according to a company news release on Wednesday.
The issuance included $675 million of 4% five-year notes, which are non-callable for two years, and $525 million 4½% eight-year notes, which are non-callable for four years.
The company said the deal was upsized due to strong investor interest.
The proceeds will be used to redeem Stillwater Mining’s 2025 notes, as well as for general corporate purposes, including advancing the group’s green metals strategy through investments and accretive acquisitions.
The $346,919,000 notes due June 2025 will be redeemed on Dec. 6 at 103.5625 plus accrued interest.
Citigroup Global Markets Inc., Merrill Lynch International, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc acted as joint global coordinators for the new bonds.
Sibanye is a mining company based in Westonaria, South Africa.
| Issuer: | Stillwater Mining Co.
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| Guarantor: | Sibanye-Stillwater Ltd.
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| Amount: | $1.2 billion
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| Description: | Senior notes
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| Bookrunners: | Citigroup Global Markets Inc., Merrill Lynch International, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc
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| Trade date: | Nov. 10
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| Settlement date: | Nov. 16
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| Expected rating: | S&P: BB-
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|
|
| Five-year notes
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| Amount: | $675 million
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| Term: | Five years
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| Coupon: | 4%
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| Calls: | Non-callable for two years
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| Eight-year notes
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| Amount: | $525 million
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| Term: | Eight years
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| Coupon: | 4½%
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| Calls: | Non-callable for four years
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