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Sibanye Stillwater Limited: Concludes its ZAR Refinancing
Sibanye Stillwater Limited successfully concludes its R6bn Revolving Credit Facility, supported by Nedbank CIB’s financial expertise
Nedbank Limited, acting through its Nedbank Corporate and Investment Banking division (Nedbank CIB), finances tailored solutions for its clients in the African mining industry. Here’s how Nedbank CIB successfully coordinated and arranged the recent refinancing and upsizing of Sibanye Stillwater Limited’s (Sibanye Stillwater) R6bn Revolving Credit Facility (RCF).
Introduction to Sibanye Stillwater
Sibanye Stillwater has transformed from a South African gold mining company into a multinational, diversified mining and metals processing group since its inception in 2013.
Sibanye Stillwater's products play a crucial role in the transition to a lower carbon and greener future. The platinum, palladium, and rhodium that they produce are primarily used to remove noxious gases from vehicle exhaust systems, while platinum will have an important role to play in a future hydrogen economy.
Sibanye Stillwater is a valuable contributor to the economy, the company employs approximately 80 000 people and since its inception in 2013 it has invested R2.7 billion in socioeconomic development, spent R25 billion on BEE procurement, contributed R4.1 billion in taxes and royalties and invested R1 billion in training and development.
Furthermore, Sibanye Stillwater returned over R46 billion (US$3 billion) in additional value to investors in the form of dividends and share buybacks. This is over four times its initial market capitalisation on listing of R10 billion (US$1.2 billion).
Financial flexibility with Nedbank CIB’s support
Sibanye Stillwater recently refinanced and upsized its ZAR RCF, a deal that was successfully coordinated and arranged by Nedbank CIB.
“Nedbank arranged a revolving credit facility for Sibanye Stillwater that enhances the client’s liquidity and financial flexibility and will assist them in achieving a lower carbon and greener future.”
Sandi Nda, Principal: Syndication and Distributions
As a joint Global Coordinator, Bookrunner, Mandated Lead Arranger and Lender and sole Facility Agent, we have helped ensure that Sibanye Stillwater has the liquidity and financial flexibility to operate effectively in South Africa, despite the challenging market conditions that it is currently experiencing.
The deal involved upsizing the company’s existing ZAR RCF from R5.5 billion to R6 billion, with an accordion option to increase it by a further R1 billion. The maturity date was extended to August 2027, with two one year extension options thereafter.
“Nedbank has a long-standing relationship with the client and we continue to partner with them along their journey.”
Rivashni Naidoo, Principal: Mining and Resources.
Nedbank CIB continuously supports its clients through the cycle to equip them with liquidity and financial flexibility during both favourable and difficult periods.
“This transaction gives us an opportunity to highlight that we are the leading financier to the PGM sector. Our team has many years of collective mining finance expertise and we fully understand the sector and our clients’ businesses and financing needs.”
– Greg Webber Co-Head: Mining and Resources
Nedbank CIB has a deep understanding of the market and a wealth of expertise in mining finance, sustainable mining and mining investments. Find out more about why Nedbank CIB is considered a leader in ESG financing and sustainable solutions in the African mining sector.
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Published 10 Dec 2024 in nedbank:cib/deals
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In a landmark move to address South Africa’s escalating water crisis, Nedbank Corporate and Investment Banking (CIB) has successfully closed a R4.5 billion term loan facility to the Trans-Caledon Tunnel Authority (TCTA) for the Mokolo-Crocodile River Water Augmentation Project Phase 2A (MCWAP-2A). This financial collaboration underscores Nedbank’s unwavering commitment to sustainable development and critical infrastructure projects.
Published 23 Jul 2024 in nedbank:cib/deals
Strategic partnership secures R4.5 billion for Limpopo's water infrastructure
In a landmark move to address South Africa’s escalating water crisis, Nedbank Corporate and Investment Banking (CIB) has successfully closed a R4.5 billion term loan facility to the Trans-Caledon Tunnel Authority (TCTA) for the Mokolo-Crocodile River Water Augmentation Project Phase 2A (MCWAP-2A). This financial collaboration underscores Nedbank’s unwavering commitment to sustainable development and critical infrastructure projects.
Published 23 Jul 2024
Nedbank CIB arranges landmark auction for Stor-Age
As a leading debt capital market arranger in the property sector, Nedbank CIB is proud to announce its role in assisting Stor-Age with the establishment of its Domestic Medium-Term Note (DMTN) Programme and executing its inaugural public bond auction as the sole lead arranger. Stor-Age raised R500 million across two notes of offer, which listed on the JSE on the 18th of April 2024. Nedbank was also appointed in various agency roles on the programme, including the debt sponsor and paying, settlement, transfer, calculation and issuer agent.
Published 04 Aug 2024 in nedbank:cib/deals
Nedbank CIB arranges landmark auction for Stor-Age
As a leading debt capital market arranger in the property sector, Nedbank CIB is proud to announce its role in assisting Stor-Age with the establishment of its Domestic Medium-Term Note (DMTN) Programme and executing its inaugural public bond auction as the sole lead arranger. Stor-Age raised R500 million across two notes of offer, which listed on the JSE on the 18th of April 2024. Nedbank was also appointed in various agency roles on the programme, including the debt sponsor and paying, settlement, transfer, calculation and issuer agent.
Published 04 Aug 2024
