Gold Fields cuts margin, extends tenor on RCF
South African precious metals producer Gold Fields has cut its margin, increased the size, and extended the tenor on its new $1bn revolving credit. The five year facility will replace a $450m three year loan signed last year which paid a margin of 175bp. The new margin is under 130bp, according to loans bankers.
The deal was increased from the target of $750m following a large oversubscription and lenders commitments were scaled back. The borrower is refinancing its $450m three year revolver signed in March last year and all but one bank, Standard Chartered, joined the new transaction.
The borrower took advantage
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