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Gold Fields in US$1B bond raising

Gold Fields has raised US$1 billion through two bonds to reduce its existing debt.
Gold Fields in US$1B bond raising Gold Fields in US$1B bond raising Gold Fields in US$1B bond raising Gold Fields in US$1B bond raising Gold Fields in US$1B bond raising

Gold Fields' South Deep operation in South Africa

Staff reporter

Both are $500 million, but one is a five-year bond with a coupon of 5.125% and the other is a 10-year bond with a coupon of 6.125%.
 
Gold Fields said the final combined book for the bond issues was more than $3 billion.
 
The company said it would repay what remained of its $1.29 billion existing credit line, and refinance or repurchase other debt.
 
"One of Gold Fields' financial targets in its 2019 balanced scorecard is to improve the liquidity and profile of the group's debt. This entails both reducing net debt and extending the maturity of the debt profile. The bond issue extends and spreads out the maturity of the debt profile," the company said.
 
Stock in Gold Fields (JSE:GFI) rose 1.09% Thursday to R54.69 (US$3.79) per share, 9.9% higher than at the start of the year.