Sibanye Gold holders entitled to convert $450 million 1.875% bonds

By Taylor Fox

New York, Sept. 8 – Sibanye Gold Ltd. noteholders of outstanding $450 million 1.875% convertible bonds due 2023 may exercise their right to convert the bonds into ordinary shares of the company, according to an 8-K filing with the Securities and Exchange Commission.

Pursuant to the corporate reorganization implemented in early 2020, Sibanye Gold became a guarantor in relation to the conversion and settlement of the bonds and undertook to deliver its shares to settle its obligations under the bond terms.

Sibanye Gold entered into a loan facility agreement with Sibanye Stillwater to fund any share issues required to settle a conversion event under the bonds.

For each $200,000 bond, Sibanye will issue 127,967 ordinary shares.

Sibanye is a Westonaria, South Africa, gold producer.

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