JOHANNESBURG, June 7, 2016 /CNW/ - Gold Fields Limited (Gold
Fields) (JSE, NYSE: GFI) has successfully refinanced its
US$1,440m credit facilities due in
November 2017. The new facilities
amount to US$1,290m and comprise
three tranches:
- US$380m - 3-year term loan -
margin 250 basis points (bps) over Libor
- US$360m - 3-year revolving credit
facility (RCF) (with an option to extend to up to 5 years)- margin
220bps over Libor
- US$550m - 5-year RCF- margin
245bps over Libor
The new facilities have been concluded with a syndicate of 15
banks. On average, the interest rate on the new facilities is
similar to the interest rate on the existing facilities. A total of
US$645m will be drawn from the new
facilities to repay the group's existing US$ facilities, with
US$645m remaining unutilised.
The refinancing is a key milestone in Gold Fields' balance sheet
management and increases the maturity of its debt, with the first
maturity now only in June 2019
(previously November 2017).
In addition, since the start of the year, Gold Fields has
successfully reduced its net debt by approximately US$150m following the tender offer on the bonds
and the accelerated equity raising.
Moody's Investors Service and Standard & Poor's revised the
outlook on the long-term credit rating of Gold Fields (Moody's:
Ba1; S&P: BB+) to stable from negative in March and April,
respectively.
Notes to editors
About Gold Fields
Gold Fields Limited is an unhedged, globally diversified
producer of gold with eight operating mines in Australia, Ghana, Peru
and South Africa with attributable
annual gold production of approximately 2.0 million ounces. It has
attributable Mineral Reserves of around 46 million ounces and
Mineral Resources of around 102 million ounces. Attributable copper
Mineral Reserves total 532 million pounds and Mineral Resources
5,912 million pounds. Gold Fields has a primary listing on the JSE
Limited, with secondary listings on the New York Stock Exchange
(NYSE) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
SOURCE Gold Fields Limited, South
Africa