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SIBANYE GOLD LIMITED - Sibanye-Stillwater successfully refinances it revolving credit facility

Release Date: 25/10/2019 14:19
Code(s): SGL     PDF:  
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Sibanye-Stillwater successfully refinances it revolving credit facility

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 successfully refinances its Rand Revolving Credit Facility

Johannesburg, 25 October 2019: Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL)
is pleased to announce that it has successfully refinanced its existing R6 billion
Revolving Credit Facility (Existing ZAR RCF) maturing on 15 November 2019 with a new
3-year R5.5 billion Revolving Credit Facility (New ZAR RCF) on similar terms. The New
ZAR RCF has an initial facility value of R5.5 billion and includes a R2 billion
accordion option which allows for a future upsize to R7.5 billion, while the three
year tenor can be extended by two further one-year extensions.

“We are delighted with the continued support from our lenders. The New ZAR RCF
satisfactorily meets Group requirements and includes the ability to potentially
extend the tenor past three years, as well as the option to upsize the New ZAR RCF
through the accordion option, providing additional financing flexibility for the
Group”, Sibanye-Stillwater Chief Financial Officer, Charl Keyter commented.

The key terms of the New ZAR RCF which was concluded with a syndicate of local and
international banks, led by Absa Bank Limited (acting through its Corporate and
Investment Banking division) and Nedbank Limited (acting through its Nedbank
Corporate and Investment Banking division), are as follows:
• Initial facility amount of R5.5 billion
• An accordion option for Sibanye-Stillwater to, subject to lender approvals,
  increase the facility size by a further R2 billion to R7.5 billion
• The New ZAR RCF maturity is three years, with the option to extend the tenor
  through two further one-year extensions subject to lenders’ consent
• Interest is on a sliding scale between Johannesburg Interbank Average Rate (JIBAR)
  plus 2.40% and JIBAR plus 2.60% dependent on gearing ratios
• Borrowers and guarantors are those under the Existing ZAR RCF being the Company
  (Sibanye Gold Limited), Stillwater Mining Company Limited, Sibanye Rustenburg
  Platinum Mines (Pty) Ltd, Kroondal Operations (Pty) Ltd and Western Platinum Ltd

Section 45(5) of the Companies Act
Notice is hereby given that, in terms of the provisions of Section 45(5) of the
Companies Act 71 of 2008 (the “Companies Act”), and pursuant to the special
resolution passed at the general meeting of the Company held on 28 May 2019 (the
“General Meeting”), the board of directors of the Company (the “Board”) has adopted a
resolution to guarantee the indebtedness of other members of the Group under the
Facility Agreement, which guarantee constitutes the giving of direct and/or indirect
financial assistance to related- and inter-related companies and corporations of the
Company in terms of the provisions of Section 45(2) of the Companies Act.

Having considered all reasonable financial circumstances of the Company in terms of
and pursuant to the provisions of Section 45 as read with Section 4 of the Companies
Act, the Board satisfied itself that:
• immediately after providing the financial assistance referred to above, the Company
  would satisfy the solvency and liquidity test contemplated in Section 4 of the
  Companies Act
• all relevant conditions and restrictions relating to the granting of such financial
  assistance by the Company contained in the Company's memorandum of incorporation
  are satisfied
• the terms and conditions on which such financial assistance is to be given are fair
  and reasonable to the Company
Investor relations contact:

Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
+27 (0) 83 453 4014

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

FORWARD LOOKING STATEMENTS
This announcement includes “forward-looking statements” within the meaning of the
“safe harbour” provisions of the United States Private Securities Litigation Reform
Act of 1995, including the statements related to expected production volumes.
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.

Date: 25/10/2019 02:19:00
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