The notes issued by Northam Platinum bear a fixed coupon of 13.50% p.a, payable semi-annually, and will be redeemed on 12 May 2021.
[quote]The proceeds will further strengthen the platinum miner’s balance sheet and be applied to the development of the company’s project pipeline.
“The notes match Northam’s project development requirements and a fixed rate allows for prudent forecasting of the debt cash flows over the term.
“We are pleased to have again received support from the market and believe that it reaffirms investor confidence in our growth strategy,” says Northam Platinum CEO Paul Dunne.
This offering forms part of the company’s domestic medium term note programme which was initiated in 2012 to raise additional third party debt funding to partially fund part of Northam’s Booysendal mine development and general working capital expenditure of the company.