Sibanye Gold’s $1bn rights issue multiple times covered
Sibanye Gold, one of the largest South African gold mining companies, has raised R13.5bn ($1bn) to refinance its acquisition of Stillwater in the US, after its rights issue was multiple times oversubscribed.
Citigroup, HSBC, JP Morgan, Morgan Stanley and Rand Merchant Bank underwrote the deal.
The nine for seven deal consisted of 1.2bn new shares at an offer price of R11.28 – a discount of 40% to the theoretical ex-rights price.
Rights holders subscribed for 97% of the deal,
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