2023-04-11 07:19:19 ET
Sibanye Stillwater ( NYSE: SBSW ) said Tuesday it has refinanced and increased its dollar-denominated revolving credit facility to $1B from $600M previously.
The facility agreement concluded with a syndicate of 10 international banks, led by Citi and Royal Bank of Canada, and includes an option for Sibanye ( SBSW ) to increase the facility size to $1.2B.
The new facility maturity is three years, with lenders having the option for two further one-year extensions.
CEO Neal Froneman said the increase in the size of the facility, especially considering the uncertain macroenvironment, is a "strong vote of confidence" in Sibanye ( SBSW ) and in the success of the company's strategic growth and diversification over the past decade.
Sibanye Stillwater ( SBSW ) is the "primary realistic option" for investors to own low-cost exposure to platinum and palladium mining, Paul Franke writes in an analysis posted recently on Seeking Alpha .
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Sibanye refinances, raises dollar-denominated revolver to $1B