Sibanye-Stillwater changes covenant flexibility of its credit facilities

JSE- and NYSE-listed Sibanye-Stillwater has announced that the lenders of its revolving credit facilities (RCFs), which include a $1-billion and a R5.5-billion RCF, as well as its Silicosis Guarantee Facility, have agreed to uplift the leverage covenant limits for all the facilities, which the company says further improves the flexibility of the facilities and the balance sheet. This follows proactive engagement by the company with its lenders, consistent with its publicly stated intent to ensure it is able to maintain sufficient financial flexibility and optionality, as required, through a possible extended period of low commodity prices, Sibanye avers.