Financing ·
Harmony Gold prices US$500 million in convertible bonds due 2031 at a 40% premium to share price
HMYHarmony Gold Mining Co Ltd
Harmony Gold Mining Company Limited priced US$500 million in guaranteed senior unsecured convertible bonds due September 29, 2031. The bonds carry a 1.5% annual coupon payable semi-annually and are convertible into approximately 19.4 million ordinary shares at an initial price of ZAR 418.60 ($25.75), representing a 40% premium to the reference share price. Net proceeds will fund general corporate purposes, while concurrent placement of existing shares by buyers hedging bond positions generated no proceeds for the company. The bonds are guaranteed by multiple Harmony subsidiaries and affiliates.