Wrap Text
Redemption of the US$450,000,000 1.875 per cent convertible bonds due 2023 completed
Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater” or “the Group” or “the Company”)
Website: www.sibanyestillwater.com
Redemption of the US$450,000,000 1.875 per cent convertible bonds due 2023 completed
Johannesburg, 21 October 2020. Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW)
announced on 18 September 2020 that its wholly owned subsidiary, Sibanye Gold Limited
(the “Issuer”), had exercised its option in respect of its US$450,000,000 1.875 per
cent convertible bonds due 2023 (the “Bonds”) to redeem all outstanding Bonds on 19
October 2020 (the “Optional Redemption Date”) at their principal amount, together
with accrued but unpaid interest up to (but excluding) the Optional Redemption Date,
and an optional redemption notice was issued to all holders of the Bonds
(“Bondholders”) on 18 September 2020 (the “Optional Redemption Notice”).
Sibanye-Stillwater confirms that in response to the Optional Redemption Notice,
US$383,000,000 of the US$383,800,000 outstanding Bonds have been converted by
Bondholders. Pursuant to this conversion by Bondholders, 247,912,467 ordinary shares
of the Company (“Shares”) have been issued and listed on the Johannesburg Stock
Exchange over the last two weeks, resulting in a total number of 2,925,001,704 Shares
currently in issue. The new Shares issued will rank pari passu with the existing
Shares of the Company in issue. The remaining Bonds, amounting to US$800,000, were
redeemed by the Issuer in cash at par value plus an accrued coupon, resulting in an
aggregate cash consideration of US$800,958.33 being paid to Bondholders.
“The successful early conversion of the Bonds concludes a key element of the funding
for the value accretive Stillwater acquisition concluded in May 2017. It materially
reduces debt levels and financing costs for the Group, improving our capital structure
and increasing our financial flexibility, allowing for a continuation of superior
returns to shareholders. We are delighted with the exceptional progress made by the
Group over the last three years and look forward to further improving our
sustainability whilst appropriately rewarding our investors”, Sibanye-Stillwater
Chief Financial Officer Charl Keyter commented.
Ends.
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Ends.
FORWARD LOOKING STATEMENTS
The information in this announcement may contain forward-looking statements within the meaning of
the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of
1995. These forward-looking statements, including, among others, those relating to Sibanye
Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial positions, business
strategies, plans and objectives of management for future operations, are necessarily estimates
reflecting the best judgment of the senior management and directors of Sibanye-Stillwater.
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All statements other than statements of historical facts included in this announcement may be
forward-looking statements. Forward-looking statements also often use words such as “will”,
“forecast”, “potential”, “estimate”, “expect” and words of similar meaning. By their nature,
forward-looking statements involve risk and uncertainty because they relate to future events and
circumstances and should be considered in light of various important factors, including those set
forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or
achievements to differ materially from those in the forward-looking statements include, among
others, our future business prospects; financial positions; debt position and our ability to reduce
debt leverage; business, political and social conditions in the United States, South Africa,
Zimbabwe and elsewhere; plans and objectives of management for future operations; our ability to
obtain the benefits of any streaming arrangements or pipeline financing; our ability to service
our bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of their
current mineral reserves and resources; the ability to achieve anticipated efficiencies and other
cost savings in connection with past, ongoing and future acquisitions, as well as at existing
operations; our ability to achieve steady state production at the Blitz project; the success of
Sibanye-Stillwater’s business strategy; exploration and development activities; the ability of
Sibanye-Stillwater to comply with requirements that they operate in a sustainable manner; changes
in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with
underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and
industrial action; the availability, terms and deployment of capital or credit; changes in relevant
government regulations, particularly environmental, tax, health and safety regulations and new
legislation affecting water, mining, mineral rights and business ownership, including any
interpretations thereof which may be subject to dispute; the outcome and consequence of any
potential or pending litigation or regulatory proceedings or other environmental, health and safety
issues; power disruptions, constraints and cost increases; supply chain shortages and increases in
the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation
and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for
safety incidents and unplanned maintenance; the ability to hire and retain senior management or
sufficient technically skilled employees, as well as their ability to achieve sufficient
representation of historically disadvantaged South Africans in management positions; failure of
information technology and communications systems; the adequacy of insurance coverage; any social
unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some
of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and the spread of other
contagious diseases, such as coronavirus (“COVID-19”). Further details of potential risks and
uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the
Johannesburg Stock Exchange and the United States Securities and Exchange Commission.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater
expressly disclaims any obligation or undertaking to update or revise any forward-looking statement
(except to the extent legally required).
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Date: 21-10-2020 09:44:00
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