South Africa’s Sasol guides pricing on dollar notes in two series

By Rebecca Melvin

New York, Sept. 20 – Sasol Financing USA LLC, a subsidiary of South Africa’s Sasol Ltd., has guided pricing on U.S. dollar-denominated notes (expected ratings: Baa3/BBB-) in two tranches, according to a Securities and Exchange Commission filing.

The 5.5-year tranche was guided to a yield in the low 300 basis points over U.S. Treasuries, and the 10-year tranche was guided to the high 300 bps over Treasuries.

Both tranches were expected to be benchmark size.

BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities plc are joint bookrunners for the SEC-registered deal.

Sasol Ltd. will guarantee the notes.

The proceeds of the notes will be used to partially repay a $4 billion LCCP project asset finance facility maturing Dec. 25, 2021.

The notes are callable at par, and the issuer plans to list the notes on the New York Stock Exchange.

Sasol is a Johannesburg-based mining, energy and chemical company.

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