By Marisa Wong
Morgantown, W.Va., May 9 – Gold Fields Ltd. announced it raised a combined $1 billion from two bond issues (Baa3/BB+) with an average coupon of 5 5/8%.
Gold Fields issued $500 million of 5 1/8% five-year bonds and $500 million of 6 1/8% 10-year bonds.
The final combined book for the bond issues was in excess of $3 billion, according to a press release.
Proceeds will be used to repay amounts outstanding under the company’s $1.29 billion credit facilities, to refinance or repurchase other existing debt or for general corporate purposes.
In conjunction with the bond issuance, and as part of the use of proceeds, Gold Fields announced on Wednesday a tender offer for up to $250 million of its outstanding 4 7/8% bonds due 2020 at a price of 102.
Gold Fields is a Johannesburg-based gold mining company.
| Issuer: | Gold Fields Ltd.
|
| Issue: | Bonds
|
| Amount: | $1 billion
|
| Announcement date: | May 9
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
|
|
|
| Five-year bonds
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| Amount: | $500 million
|
| Maturity: | Five years
|
| Coupon: | 5 1/8%
|
|
|
| 10-year bonds
|
| Amount: | $500 million
|
| Maturity: | 10 years
|
| Coupon: | 6 1/8%
|
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