JOHANNESBURG, June 7, 2016 /PRNewswire/ - 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.
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).
