A&O Shearman advises on Sibanye Stillwater’s USD500 million bond issuance and concurrent tender offers

The transaction, aimed at reducing Sibanye’s gross debt, included the issuance of USD500m aggregate amount of senior notes; and a series of concurrent tender offers to purchase for cash of any and all of Sibanye’s outstanding 4.000% senior notes due 2026 and up to USD75m aggregate principal amount of its 4.500% senior notes due 2029, funded in each case with cash on balance sheet and the net proceeds from the senior notes offering.

Sibanye is a multinational mining and metals processing group with a diverse portfolio of mining and processing operations, projects and investments across five continents. Sibanye is one of the foremost global recyclers of a suite of metals, having increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally.

The team was led by partner Trevor Ingram, senior associate Eva Andronikou, and associates Stavros Bakolas, Silvia Montanya, Julia Szinovatz, Paridhi Srivastava, and Laurens de Korte.