Gold Fields Limited (Gold Fields) has announced the successful buyback of US$250 million of the outstanding 2020 notes at 102% of par as compared with a premium of 101.73% of par at the close of business on Friday 24 May 2019. Following the bond issuances on 9 May 2019, Gold Fields commenced a tender process to buy back up to US$250 million of the 2020 notes.
The remainder of the 2020 notes (US$600 million), due in October 2020, is expected to be repaid from a combination of available cash and bank debt facilities.
The successful completion of the new bonds, as well as the buyback, helps Gold Fields achieve one of its key financial objectives for 2019 of extending the maturity of its debt profile. The final element is a refinancing of the syndicated bank debt which is expected to be completed in 3Q19. In addition, the Group is targeting net debt reduction of US$100 - 150 million in 2019.
Read the article online at: https://www.globalminingreview.com/finance-business/28052019/gold-fields-reports-successful-buyback-of-us250-million-of-2020-notes/