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Sibanye launches $400m bond buyback

Sibanye says the tender offer would allow it to retire around 31% of its long-term debt.

South African precious metals producer Sibanye-Stillwater said on Tuesday that it was launching a tender offer worth up to $400 million to buy back some of its bonds.

Sibanye, which plans to buy platinum producer Lonmin in a deal scheduled to close in the second half of the year, said the tender offer would allow it to retire around 31% of its long-term debt.

Up to $350 million of the tender offer applies to 6.125% bonds due June 27, 2022, and $50 million to 1.875% convertible bonds due September 26, 2023.

Sibanye said in a statement that it would fund the tender offer from existing cash resources. 

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