Northam announces three new note issuances valued at R5.7bn
JSE-listed platinum group metals (PGMs) producer Northam Platinum Holdings has advised of a successful private placement of new domestic medium-term notes valued at R5.7-billion.
The notes issue forms part of Northam’s broader R15-billion domestic medium-term note programme.
The new notes, issued on June 13, comprise R2.6-billion of notes maturing on June 13, 2028; R600-million of notes maturing on June 13, 2029; and R2.5-billion of notes maturing on June 13, 2030.
Northam has intentionally staggered the maturity profile of the new notes, taking into consideration the group’s business strategy, the expected completion dates of current and planned capital projects and the maturity profile of the notes already issued under the programme.
The staggered maturity profile also helps to provide flexibility and protect Northam’s liquidity position, particularly so the company can execute growth projects through metal price cycles.
The total nominal value of Northam notes in issue under the programme amounts to R12.2-billion.
Northam CEO Paul Dunne expressed gratitude for the continued support from capital providers, including new investors, in the note programme.
“Our growth strategy and allocation of capital are underpinned by our belief in the special metals we produce and their continued global importance.
“This placement will provide Northam with sufficient flexibility and liquidity to pursue an accelerated capital programme in the short to medium term in the execution of our strategy to safely, efficiently and sustainably increase our PGM production against a depleting primary supply from the sector,” Dunne explained.
He added that the strong performance by the group’s operations, together with its favourable position on the sector cost curve, ensured Northam’s sustainable future.
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