Johannesburg-based gold miner AngloGold Ashanti (AGA) has won an oversubscribed US$1bn syndicated four-year unsecured revolving credit facility.
The facility, which was oversubscribed by about 60%, was syndicated to 16 banks.
It will be used to extend the overall tenor of AGA’s balance sheet and to refinance its existing unsecured revolving credit facility that matures in December this year.
The facility is charged at 175 basis points over Libor and carries a commitment fee of 40% of margin.
Srinivasan Venkatakrishnan, AGA’s chief financial officer, says: “It’s an enormous vote of confidence for the company and its strategy that this facility generated this level of interest from such a large group of top-tier international banks.
“This not only removes refinancing risk for us well ahead of the scheduled maturity date, but also advances our financial strategy of increasing the term of our debt in line with our long-life assets.”
The mandated lead arrangers in the deal are:
ANZ
Barclays Capital
Bank of America
Bank of Montreal
The Bank of Tokyo-Mitsubishi UFJ
CIBC World Markets
Citibank International
Commonwealth Bank of Australia
Goldman Sachs International
Morgan Stanley
FirstRand Bank (Acting through Rand Merchant Bank)
Royal Bank of Canada
Scotiabank
Standard Chartered
UBS
Acting as co-arranger:
Deutsche Bank
Acting as agent:
Barclays Bank
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