Harmony Gold received strong support from banks in a more than R21 billion multi-currency debt refinancing.
Harmony Gold Mining Company has reduced funding costs and strengthened liquidity after concluding new syndicated multi-tranche, multi-currency loan facilities of $500 million, A$500m, and R7 billion.
The transaction reduces Harmony's funding costs relative to the refinanced facilities, extends its maturity profile, and strengthens liquidity, while demonstrating strong support from the banking market, the mining group said in a notice to the JSE news service Tuesday.
The facilities will be used, in part, to refinance Harmony's existing dollar and rand syndicated facilities entered into in 2022, to refinance the MAC Copper acquisition bridge facility, and to support general corporate purposes.
"The successful conclusion of these facilities reduces Harmony's funding costs, strengthens liquidity, and optimises our capital structure," said CEO Beyers Nel in a statement.
