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Northam Platinum completes 500M rand note placement

Northam Platinum Ltd. completed a private placement of domestic medium-term notes worth 500 million rand under 5 billion rand medium-term note program.

The company said Sept. 9 that the new notes will be issued on the interest rate market of the Johannesburg Stock Exchange and will mature over a period of one year from issuance. The notes have an annual floating rate coupon of 2.40% per annum above the three-month rand Johannesburg Interbank Average Rate.

Following this placement, the total value of notes in issue under the program is expected to amount to 2.33 billion rand.

In August, Northam flagged a record full year operating profit.

As of Sept. 10, US$1 is equivalent to 14.68 South African rand.