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NORTHAM PLATINUM LIMITED - Northam refinances its five-year R3.5 billion RCF and increases its R2 billion DMTN programme limit to R5 billion

Release Date: 22/08/2019 17:00
Code(s): NHM NHM002 NHM010 NHM011 NHM012 NHM006 NHM007 NHM008 NHM009     PDF:  
 
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Northam refinances its five-year R3.5 billion RCF and increases its R2 billion DMTN programme limit to R5 billion

NORTHAM PLATINUM LIMITED
Incorporated in the Republic of South Africa
(Registration number 1977/003282/06)
Share code: NHM ISIN: ZAE000030912
Debt issuer code: NHMI
Bond code: NHM002       Bond ISIN: ZAG000129024
Bond code: NHM006       Bond ISIN: ZAG000158577
Bond code: NHM007       Bond ISIN: ZAG000158593
Bond code: NHM008       Bond ISIN: ZAG000158858
Bond code: NHM009       Bond ISIN: ZAG000158866
Bond code: NHM010       Bond ISIN: ZAG000159229
Bond code: NHM011       Bond ISIN: ZAG000159237
Bond code: NHM012       Bond ISIN: ZAG000160136

(“Northam”)


NORTHAM REFINANCES ITS FIVE YEAR R3.5 BILLION REVOLVING CREDIT FACILITY AND
INCREASES ITS R2 BILLION DOMESTIC MEDIUM TERM NOTE PROGRAMME LIMIT TO R5 BILLION


Northam is pleased to announce that it has concluded definitive agreements in terms of which its existing five
year R3.5 billion revolving credit facility (“RCF”) will be refinanced on more favourable terms and the maturity
date will be extended from November 2021 to August 2024. The interest rate on the previous RCF was JIBAR
plus 3.3% whereas the effective interest rate on the new RCF ranges between JIBAR plus 2.2% (at the lower
end of utilisation) and JIBAR plus 2.6% (at the upper end of utilisation, including full utilisation).

In addition, the interest rate on Northam’s R500 million general banking facility (“GBF”) will reduce from prime
less 1.5% to prime less 1.75%.

The lower interest rate on the RCF and GBF will reduce Northam’s weighted average cost of debt.

Northam further advises that the board of directors has approved an increase in the limit stipulated in Northam’s
Domestic Medium Term Note Programme (“DMTN Programme”), dated 3 August 2012, from R2 billion to
R5 billion. This increase will provide Northam with increased funding flexibility. Northam currently has
R1.825 billion of notes in issue under the DMTN Programme.

Paul Dunne, Northam’s Chief Executive, said “The new RCF and GBF terms reflect improved lender
confidence in Northam, underpinned by Northam’s operational performance and project execution. Northam’s
cost of debt will be reduced and the combination of the new facilities and increased DMTN Programme will
provide Northam with increased funding flexibility in support of Northam’s significant and continued growth”.



Johannesburg
22 August 2019

Corporate Advisor, Sponsor and Debt Sponsor to Northam
One Capital

Attorneys to Northam in respect of the RCF and GBF
Cliffe Dekker Hofmeyr Inc.

Sole Mandated Lead Arranger, Original Lender and Facility Agent in respect of the RCF and GBF
Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division)

Sole Arranger and Dealer to Northam in respect of the DMTN Programme
One Capital

Legal Advisors to Northam, the Arranger and the Dealer in respect of the DMTN Programme
Bowman Gilfillan Inc.

Date: 22/08/2019 05:00:00
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