Sasol talks $750 million convertible bonds due 2027 to yield 4%-4.5%, up 30%-35%

By Abigail W. Adams

Portland, Me., Nov. 1 – Sasol Financing USA LLC plans to price $750 million of convertible bonds due 2027 in a Regulation S offering on Tuesday with price talk for a coupon of 4% to 4.5% and an initial conversion premium of 30% to 35%, according to a company news release.

BofA Securities Inc. is sole global coordinator for the offering and joint bookrunner with Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.

The convertible bonds are non-callable until Nov. 29, 2025 and then if their parity value is equal to or greater than $260,000.

The bonds are putable upon a change of control or delisting event.

The bonds will be traded on the Frankfurt Stock Exchange.

The bonds are subject to shareholder approval with a general meeting to be convened within 14 days of the closing date.

If shareholder approval is not granted, the company may redeem the notes at 102% of their principal or fair market value.

Proceeds will be used for general corporate purposes, including the refinancing of debt.

Sasol is a Johannesburg-based energy and chemicals company.

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