JSE- and NYSE-listed Gold Fields has successfully completed the raising of $750-million through the issuance of seven-year notes, which carry an interest rate of 5.85%.
These notes were issued by owned Gold Fields subsidiary Windfall Mining and are backed by guarantees from both Gold Fields and its other subsidiary Gold Fields Holdings Company Limited.
Windfall Mining was established to oversee the development of the Windfall gold mining project, in Canada.
Gold Fields plans to use the funds raised from this offering for general business purposes. This includes repaying the $750-million bridge loan that was used to finance the acquisition of Osisko Mining in October last year.
“This offering reflects our continued commitment to maintaining a strong and flexible capital structure, and to remain within our 1x net debt to adjusted earnings before interest, taxes, depreciation and amortisation target through the cycle.
“We are pleased with the market’s support and the opportunity to further strengthen our balance sheet,” Gold Fields CFO Alex Dall said on May 13. 