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SIBANYE GOLD LIMITED - Sibanye-Stillwater announces early tender results for its outstanding High Yield Bond Notes

Release Date: 18/09/2018 10:40
Code(s): SGL     PDF:  
Wrap Text
Sibanye-Stillwater announces early tender results for its outstanding High Yield Bond Notes

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



Sibanye-Stillwater announces the early tender results of the buy back of a portion of
its outstanding High Yield Bond Notes

Johannesburg, 18 September 2018: Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL)
is pleased to announce the early tender results of its offer to repurchase up to US$350
million (including accrued interest) of the 6.125% Notes due 27 June 2022 (the 2022
Notes) and 7.125% Notes due 27 June 2025 (the 2025 Notes), issued by Stillwater Mining
Company.

Neal Froneman CEO of Sibanye-Stillwater commented: “We are delighted to announce the
results of the tender offers following the early tender time, pursuant to which both
offers were fully subscribed. The repurchase of these instruments, which is scheduled to
occur on the early settlement date of 19 September 2018, is consistent with delivery
against our strategic goals of reducing our leverage, thereby creating immediate value.
The repurchase of the High Yield Notes and the Convertible Bond repurchase announced last
week, retires approximately 30% of our long term debt at a nominal value of approximately
US$415 million, thereby expecting to reduce annual interest costs by approximately US$25
million”

The table below sets forth information with respect to the High Yield Notes that were
validly tendered at or prior to 5:00 p.m., New York City time, on September 17, 2018 (the
“Early Tender Time”) and not withdrawn.

                                                                                       Prora       Aggregate
                                                                 Early                  tion     purchase price
                                  Outstanding     Principal     Tender      Total      Facto
  Title of                         Principal        Amount      Premium    Consider      r
  Security    CUSIP/ ISIN            Amount        Accepted        (1)     ation(2)
               Rule 144A:
               86074QAM4/
   6.125%     US86074QAM42
   Notes                                        $146,330,000       $30      $977.50    100%      $145,079,081.88
               Regulation     $500,000,000
  due 2022         S:
               U85969AC4/
              USU85969AC41
               Rule 144A:
               86074QAN2/
  7.125%
              US86074QAN25
   Notes                                        $203,081,000       $30      $968.75    63.3%     $200,030,554.07
               Regulation     $550,000,000
    due
                   S:
   2025
               U85969AD2/
              USU85969AD24
(1) Per $1,000 principal amount   of Notes of the relevant Series validly tendered at or prior to the Early
    Tender Time and not validly   withdrawn.
(2) Per $1,000 principal amount   of Notes of the relevant Series validly tendered at or prior to the Early
    Tender Time and not validly   withdrawn. Does not include Accrued Interest, but does include the Early
    Tender Premium.



For  more   information  and   for  full   terms  and   conditions,  please   refer                           to
https://www.sibanyestillwater.com/investors/documents-circulars/2018/item/360-high-
yield-bond.
Contact details



Investor relations enquiries should be directed to Sibanye-Stillwater at:

Email: ir@sibanyestillwater.com
James Wellsted
Senior Vice President: Investor Relations
Tel: +27 83 453 4014
+27 10 493 6923

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

Advisors:
Linklaters LLP and ENSafrica are acting as legal advisors to Sibanye-Stillwater.
White & Case LLP are acting as legal advisors to the International Dealer Managers.

FORWARD LOOKING STATEMENTS

This announcement includes “forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words such as “target”, “will”,
“forecast”, “expect”, “potential”, “intend”, “estimate”, “anticipate”, “can” and other
similar expressions that predict or indicate future events or trends or that are not
statements of historical matters. The forward-looking statements set out in this
announcement involve a number of known and unknown risks, uncertainties and other factors,
many of which are difficult to predict and generally beyond the control of Sibanye-
Stillwater, that could cause Sibanye-Stillwater’s actual results and outcomes to be
materially different from historical results or from any future results expressed or
implied by such forward-looking statements. These forward-looking statements speak only
as of the date of this announcement. Sibanye-Stillwater undertakes no obligation to
update publicly or release any revisions to these forward-looking statements to reflect
events or circumstances after the date of this announcement or to reflect the occurrence
of unanticipated events, save as required by applicable law.



The results of the early tender process will allow Sibanye-Stillwater to repurchase Notes
up to the Global Maximum Tender Cap on the Early Settlement Date on 19 September 2018.




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