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'My abusive wife battered me over letting the cat in' - | Sibanye shares rise on plan to reduce debt

Shares in JSE-listed mining group Sibanye-Stillwater [JSE:SGL] rose by 2.7% on Tuesday, after it announced it intends to buy back and retire $400m in debt. 

In a statement, the mining group said the tender offer to reduce debt would allow it to repurchase and retire approximately 31% of its long-term debt financing instruments.

The bond buy-back will be funded from existing cash resources, it said, including the $500 million in advance proceeds of its recently concluded streaming transaction with Canada-based Wheaton Precious Metals.

Its shares were trading at R9.12 a share at 12:32 on the JSE, up 2.7% on the day. 

“We are pleased to launch the tender process to repurchase our medium term corporate and convertible bonds, utilising the proceeds of the competitively priced stream financing we recently concluded,” said the group’s CEO Neal Froneman.

“The repurchase of these instruments creates immediate value and will meaningfully reduce annual finance expenses and repayment obligations associated with our debt, consistent with delivery against our strategic goals.”

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