Implats early bond redemption a damp squib
Opportunistic offer to redeem half of 2022 rand bond fails to deliver
With just a 7.4% uptake of its partial early bond redemption, Impala Platinum now has to wait until June 2021 to proactively address the R3.2bn instrument.
Implats, SA’s third-largest source of platinum group metals (PGMs), launched the opportunistic offer to holders of the convertible bond that matures in 2022 to terminate R1.625bn of the issue that carries interest of 6.375% and is one of the last major debt instruments on the company’s cash-flush balance sheet...
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