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Sibanye eyes US$600M streaming deal, capital financing to cut debt

Sibanye Gold Ltd. plans to accelerate deleveraging to a targeted level of 1x net debt to adjusted EBITDA and is considering a streaming deal of US$500 million, CEO Neal Froneman said in a June 7 presentation.

The South African gold miner will also look at a separate US$100 million working capital financing.

In a same-day report, BusinessDay wrote that Sibanye will use the funds to cut its net debt, currently at 23 billion South African rand, by a third. The two deals, expected to be set up in the next six to eight weeks, will pleasantly surprise investors, the CEO said.

Froneman told analysts that two previous structures formulated to deal with debt had to be restructured because of U.S. President Donald Trump's tax changes, the report said.