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Sibanye Gold's debt covenants extended at upper limit

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Sibanye Gold's debt covenants extended at upper limit

The lenders of Sibanye Gold Ltd.'s U.S. dollar and South African rand revolving credit facilities agreed to a one-year extension for its debt covenants at the upper limit.

Thirteen leading South African and international banks agreed to retain the covenant at 3.5x instead of stepping it down to 2.5x, as was scheduled from Dec. 31, 2018, according to a Jan. 11 release.

"The extension of the covenants at higher limits will provide the group with additional flexibility during a period where the group expects more operational stability and continuing value creation from the entry into the platinum group metals sector," the company said.

Sibanye added that its liquidity is "sound," and the next major debt repayment is due in mid-2022.