Linklaters advises Sibanye-Stillwater on US$500m senior notes offering and concurrent liability management exercise

Linklaters has advised Sibanye-Stillwater on its US$500m senior notes offering and a concurrent liability management exercise comprising cash tender offers and a redemption of outstanding notes. The offering attracted strong investor demand and was more than five times oversubscribed.

The transaction formed part of Sibanye-Stillwater’s strategy to reduce debt, extend its debt maturity profile and enhance financial flexibility across its global mining and metals processing portfolio.

The net proceeds of the offering, together with available cash reserves, were used to fund cash tender offers for any and all of the outstanding US$675m 4.000% senior notes due 2026, and up to US$75m of its outstanding US$525m 4.500% senior notes due 2029.

Sibanye-Stillwater is a global mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The group is one of the largest producers and refiners of platinum group metals and is a top-tier gold producer.

The London-New York Linklaters team advising on the transaction was led by partner and global co-head of mining Igor Rogovoy, counsel Burc Ozcelicand associates Alex Whitman, Denitza Golemanova and Ethan Taveras.