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SIBANYE GOLD LIMITED - Refinancing of Sibanye Golds bridging loan facilities and further debt redemption

Release Date: 13/12/2013 14:15
Code(s): SGL     PDF:  
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Refinancing of Sibanye Gold’s bridging loan facilities and further debt redemption

Sibanye Gold Limited
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye Gold” or “the Company”)

REFINANCING OF SIBANYE GOLD’S BRIDGING LOAN FACILITIES AND
FURTHER DEBT REDEMPTION

Westonaria, 13 December 2013: Sibanye Gold Limited (JSE: SGL &
NYSE: SBGL) is pleased to advise shareholders that it has
refinanced its existing Bridge Loan Facility with a syndicate of
seven banks(the “New Facility”). The terms and conditions of the
New Facility, which was 1.33 times oversubscribed, are more
favourable and less restrictive than the previous Bridge Loan
Facility.

The new R4.5 billion facility comprises a R2.5 billion revolving
credit facility (“RCF”) and a R2.0 billion term loan facility
(“Term Loan”) both of which mature in three years. The term loan
will amortise semi-annually in equal six-monthly instalments of
R250 million, with the R750 million balance due for settlement on
final maturity.

The New Facility will be used to redeem the Bridge Loan Facility
and may be applied to ongoing capital expenditure, working
capital and general corporate expenditure requirements, where
required.

Interest rates on the new Term Loan and RCF are 275 basis points
and 285 basis points respectively, over the Johannesburg
Interbank Agreed Rate (JIBAR).

Other restrictions, such   as those on dividend payments, which
applied under the Bridge   Loan Facility Agreement have been
removed and Sibanye Gold   will maintain its policy of returning
25% to 35% of normalised   earnings to shareholders as dividends.

Sibanye Gold is also pleased to report that it has repaid another
R500 million of debt, thereby reducing its gross debt to R2
billion and net debt to approximately R300 million. The Company’s
gross debt position has reduced by R2.2 billion since the
beginning of the 2013 financial year.

ENDS


Contact

James Wellsted
Head of Corporate Affairs
Sibanye Gold Limited
+27 83 453 4014
james.wellsted@sibanyegold.co.za

Sponsor

Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd

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