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Impala to offer dual-currency convertible bonds to refinance 2018 debt

Impala Platinum Holdings Ltd. said May 25 that it plans to raise 3.25 billion South African rand and US$250 million in a dual offering of unsecured convertible bonds, both due 2022, to refinance its 2.67 billion rand and US$200 million debt due 2018.

The 3.25 billion rand bond will bear an annual interest rate of 6.375%, while the US$250 million bond carries a rate of 3.25%.

Subject to approval of shareholders, the bonds are convertible to shares of the company at conversion prices of 50 rand and US$3.89, respectively, set at a premium of 32.5% above the reference share price of 37.74 rand.

Should shareholders reject the proposal, the holders will instead receive a cash amount equal to the value of the underlying shares.

Deutsche Bank AG, Morgan Stanley & Co. International plc. and FirstRand Bank Ltd. unit Rand Merchant Bank are acting as joint bookrunners for the offering.

The settlement of the bonds will take place on or about June 6.