Sibanye Gold Limited
Trading as Sibanye-Stillwater
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye-Stillwater” or “the Group” or “the Company”)
Sibanye-Stillwater successfully refinances its Rand Revolving Credit Facility
Johannesburg, 25 October 2019: Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL)
is pleased to announce that it has successfully refinanced its existing R6 billion
Revolving Credit Facility (Existing ZAR RCF) maturing on 15 November 2019 with a new
3-year R5.5 billion Revolving Credit Facility (New ZAR RCF) on similar terms. The New
ZAR RCF has an initial facility value of R5.5 billion and includes a R2 billion accordion
option which allows for a future upsize to R7.5 billion, while the three year tenor can
be extended by two further one-year extensions.
“We are delighted with the continued support from our lenders. The New ZAR RCF
satisfactorily meets Group requirements and includes the ability to potentially extend
the tenor past three years, as well as the option to upsize the New ZAR RCF through the
accordion option, providing additional financing flexibility for the Group”, Sibanye-
Stillwater Chief Financial Officer, Charl Keyter commented.
The key terms of the New ZAR RCF which was concluded with a syndicate of local and
international banks, led by Absa Bank Limited (acting through its Corporate and
Investment Banking division) and Nedbank Limited (acting through its Nedbank Corporate
and Investment Banking division), are as follows:
•
Initial facility amount of R5.5 billion
•
An accordion option for Sibanye-Stillwater to, subject to lender approvals, increase
the facility size by a further R2 billion to R7.5 billion
•
The New ZAR RCF maturity is three years, with the option to extend the tenor through
two further one-year extensions subject to lenders’ consent
•
Interest is on a sliding scale between Johannesburg Interbank Average Rate (JIBAR)
plus 2.40% and JIBAR plus 2.60% dependent on gearing ratios
•
Borrowers and guarantors are those under the Existing ZAR RCF being the Company
(Sibanye Gold Limited), Stillwater Mining Company Limited, Sibanye Rustenburg
Platinum Mines (Pty) Ltd, Kroondal Operations (Pty) Ltd and Western Platinum Ltd
Section 45(5) of the Companies Act
Notice is hereby given that, in terms of the provisions of Section 45(5) of the Companies
Act 71 of 2008 (the “Companies Act”), and pursuant to the special resolution passed at
the general meeting of the Company held on 28 May 2019 (the “General Meeting”), the
board of directors of the Company (the “Board”) has adopted a resolution to guarantee
the indebtedness of other members of the Group under the Facility Agreement, which
guarantee constitutes the giving of direct and/or indirect financial assistance to
related- and inter-related companies and corporations of the Company in terms of the
provisions of Section 45(2) of the Companies Act.
Having considered all reasonable financial circumstances of the Company in terms of and
pursuant to the provisions of Section 45 as read with Section 4 of the Companies Act,
the Board satisfied itself that:
•
immediately after providing the financial assistance referred to above, the Company
would satisfy the solvency and liquidity test contemplated in Section 4 of the
Companies Act
•
all relevant conditions and restrictions relating to the granting of such financial
assistance by the Company contained in the Company's memorandum of incorporation
are satisfied
•
the terms and conditions on which such financial assistance is to be given are fair
and reasonable to the Company