JSE / NYSE-listed Sibanye-Stillwater has concluded its invitation to tender Convertible Bonds for purchase up to the aggregate principal amount corresponding to US$50 million in aggregate purchase price to holders of its US$450 million 1.875 per cent.
Guaranteed Unsecured Convertible Bonds due 2023.
The Final Buyback Price is 75.00 per cent – expressed as a percentage of each US$200,000 in principal amount of the Convertible Bonds).
No Convertible Bonds tendered for purchase at a purchase price above the Final Buyback Price will be accepted for purchase pursuant to the Invitation.
Terms not otherwise defined in this press release have the same meaning as defined in the launch press release published by Sibanye-Stillwater on 4 September 2018.
Eligible Holders who have submitted valid Tender Instructions and whose Convertible Bonds are accepted for purchase in the Invitation will receive on the Settlement Date a cash consideration equal to the Final Buyback Price.
Sibanye-Stillwater will also pay, in relation to the Tendered Bonds, an amount in cash equal to interest accrued but unpaid on the Convertible Bonds up to (but excluding) the Settlement Date.
Based on the expected Settlement Date of 11 September 2018, the Accrued Interest Payment shall be US$1,718.75 per US$200,000 in principal amount of the Convertible Bonds or 0.86 per cent. of each US$200,000 in principal amount of the Convertible Bonds.
Sibanye-Stillwater has decided to accept Convertible Bonds submitted pursuant to valid Tender Instructions which specified a purchase price equal to or below the Final Buyback Price in an aggregate principal amount of US$66,000,000.
Convertible Bonds submitted pursuant to valid Tender Instructions which specified a purchase price below the Final Buyback Price will be accepted in full without any pro rata scaling.
Convertible Bonds submitted pursuant to valid Tender Instructions which specified a purchase price equal to the Final Buyback Price will be pro-rated.
The Total Purchase Price in respect of the Tendered Bonds will be US$50,067,187.50.
As announced on 4 September 2018, the Company has also launched a tender process to retire up to US$350 million (including accrued interest) of its 6.125% bond Notes due 27 June 2022 (the 2022 Notes) and 7.125% bond Notes due 27 June 2025 (the 2025 Notes).