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LPC-South Africa's Gold Fields signs US$1.3bn loan - Reuters US News

Tuesday, 7 June 2016

South African mining company Gold Fields has signed US$1.29bn of syndicated loans with a group of 15 banks, the company said in a statement on Tuesday.

The loans will refinance US$1.44bn of credit facilities that were due to mature in November 2017.

The new deal comprises three tranches: a US$380m three-year term loan paying a margin of 250bp over Libor; a US$360m three-year revolver, which includes a two-year extension option that pays 220bp over Libor; and a US$550m five-year revolver that pays 245bp over Libor.

A total of US$645m will be drawn from the new facilities to repay the group's existing dollar-denominated facilities, with US$645m remaining unutilised.

The new deal, led by sole coordinator MUFG, was increased from a launch size of US$1bn, bankers said previously.

Gold Fields was last in the market in June 2014 when it amended and extended US$715m of its existing loan facilities by two years on the same terms to November 2017.

The extended debt was part of the wider US$1.44bn loan package - which the new deal refinances - and was originally agreed in November 2012 via bookrunners and mandated lead arrangers Barclays, Credit Suisse and JP Morgan.

That loan was used to back the demerger of two of its gold mines and refinance existing Gold Fields debt, according to data from Thomson Reuters LPC.

The company is rated BB+ by S&P and Ba1 by Moody's. (Editing by Christopher Mangham)


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