Following the launch of an accelerated bookbuild on Thursday, JSE- and NYSE-listed Gold Fields raised R2.5-billion through the oversubscribed placing of 38.9-million new Gold Fields ordinary shares.
Gold Fields on Friday successfully priced and closed the private placement, representing some 5% of the company’s issued share capital, to qualifying institutional investors at a price of R59.50 a share, the proceeds of which would be allocated to an existing dollar-based revolving credit facility that was used to buy guaranteed notes in February.
Last month, after launching a tender offer to buy back up to $200-million of its $1-billion, 4.875% guaranteed notes, which were due in October 2020, the company accepted $147.61-million of the notes tendered, at a purchase price of $880 per $1 000, using the revolving credit facilities.
The placing price represented 6% discount to the 30-day volume weighted average traded price of Gold Fields ordinary shares for the 30-trading day period ended March 17.
Trading of the shares was expected to start on March 24.