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Stillwater Mining Co (IRSH)

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Friday 17 April, 2020

Stillwater Mining Co

Accession of New Guarantors

RNS Number : 0371K
Stillwater Mining Company
17 April 2020
 

 

Stock Exchange Announcement

For immediate release  April 17, 2020

Stillwater Mining Company
(the "Issuer")

Re: New Guarantors of 6.125% Senior Notes due 2022 and 7.125% Senior Notes due 2025

Pursuant to (i) a second supplemental indenture, dated as of January 8, 2020 (the "SecondSupplemental Indenture"), by and among the Issuer, Western Platinum Proprietary Limited ("Western Platinum"), a limited liability public company existing under the laws of the Republic of South Africa and the Bank of New York Mellon, London Branch, as trustee (the "Trustee") and (ii) a third supplemental indenture, dated as of February 24, 2020 (the "Third Supplemental Indenture"), by and among the Issuer, Sibanye Stillwater Limited ("Sibanye-Stillwater"), a public company existing under the laws of the Republic of South Africa, the guarantors party thereto and the Trustee, to the indenture, dated as of June 27, 2017 (the "Original Indenture," as supplemented from time to time, and, together with the Second Supplemental Indenture and Third Supplemental Indenture, the "Indenture"), by and among the Issuer, the guarantors party thereto and the Trustee, the Issuer has added Western Platinum and Sibanye-Stillwater (the "New Guarantors") as additional guarantors of the Issuer's 6.125% Senior Notes due 2022 and 7.125% Senior Notes due 2025 (the "Notes") with effect from January 8, 2020 and February 24, 2020, respectively .

Pursuant to the Indenture, the New Guarantors jointly and severally, fully unconditionally guarantee the Notes together with the other guarantors included in the listing particulars in respect of the Notes .

The following is the relevant information for the New Guarantors :

Registered name :

Western Platinum Proprietary Limited

Place of incorporation :

South Africa

Date of incorporation :

10 July 1963

Registered number :

1963/003589/06

Registered address :

Libanon Business Park, 1 Hospital Street (off Cedar Avenue), Libanon, Westonaria, Gauteng, 1779, South Africa

Authorized share capital :

30,000,000 (thirty million) ordinary shares of par value

Issued share capital :

27,000,000 (twenty seven million) ordinary shares of par value

Business activity :

The business of Western Platinum involves mining and processing of Platinum group metals.

Ownership :

Western Platinum is an indirect majority-owned subsidiary of Sibanye-Stillwater. Sibanye-Stillwater completed its acquisition of Lonmin Limited, which indirectly owns (through its wholly-owned subsidiary, LSA UK Ltd) 76.4% of the share capital of Western Platinum, on 10 June 2019. Western Platinum is 18% owned by Incwala Platinum Pty Ltd (which is an indirect majority-owned subsidiary of Phembani Group Pty Ltd) and 5.6% owned by an employee shareholding ownership plan and certain community development trusts.

Financial information :

Western Platinum was not a part of the Group as of 31 December 2018. As such, the addition of Western Platinum as a guarantor of the Notes did not have an impact on the audited consolidated financial statements of the Group as of 31 December 2018 filed with Euronext Dublin or the financial information of the guarantors and non-guarantors as of such date. The financial statements of Western Platinum will be contained within the audited consolidated financial statements of the Group as of 31 December 2019.

 

 

Registered name :

Sibanye Stillwater Limited

Place of incorporation :

South Africa

Date of incorporation :

7 November 2014

Registration number :

2014/243852/06

Registered address :

Constantia Office Park, Bridgeview House, Building 11, Ground Floor, Cnr 14th Avenue & Hendrik Potgieter Road, Weltevreden Park, 1709, South Africa

Authorized share capital :

10,000,000,000 (ten billion) ordinary shares of no par value

Issued share capital :

2,670,029,252 ordinary shares of no par value

Business activity :

The business of Sibanye-Stillwater and its subsidiaries (including the Issuer and Western Platinum) (the "Group") involves the mining of precious metals.

Ownership :

The ordinary no par value shares of Sibanye-Stillwater are listed on the Main Board of the Johannesburg Stock Exchange and the Sibanye-Stillwater American depositary receipts are listed on the New York Stock Exchange.

Financial information :

Sibanye-Stillwater became the new parent company of the Group on 24 February 2020 and will be the new reporting entity for the Group going forwards. As such, the addition of the Sibanye-Stillwater as a guarantor of the Notes did not have an impact on the audited consolidated financial statements of the Group as of December 31, 2018 filed with Euronext Dublin or the financial information of the guarantors and non-guarantors as of such date. The financial statements of Sibanye-Stillwater will be contained within the audited consolidated financial statements of the Group as of 31 December 2020.

 

For enquiries or further information please contact:

Stillwater Mining Company

Email: [email protected]

James Wellsted

Head of Investor Relations

+27 (0) 83 453 4014

 

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 

 


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