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Sibanye launches US$400M offer to buy back notes to reduce debt

Sibanye Gold Ltd. said Sept. 4 that it launched a US$400 million tender offer to buy back bonds to reduce its outstanding debt and reduce annual interest costs by approximately US$26 million.

The South African gold miner said up to US$350 million will be applied to the repurchase of Stillwater Mining Co.'s 6.125% notes, due 2020, and 7.125% notes, due 2025. In addition, approximately US$50 million in 1.875% guaranteed unsecured convertible bonds due 2023 will be repurchased.

Lonmin PLC's largest shareholder Public Investment Corp., which owns a 29.2% stake in the struggling miner, is ready to throw its weight behind the takeover by Sibanye. A recent Bloomberg News report said that three of Sibanye's largest investors, including Public Investment, Gold One Group Ltd. and Exor Investments UK LLP, will likely vote in favor of the proposed acquisition.