JOHANNESBURG (miningweekly.com) – Platinum mining company Impala Platinum (Implats) has concluded its invitation to holders of outstanding 2018 convertible bonds, the company said following the expiry of the invitation on May 31.

Implats launched dual convertible bond offerings last week to enhance its short-to-medium-term liquidity and maintain a strong financial position against the background of the weak prevailing platinum group metals prices.

The Johannesburg Stock Exchange company, headed by CEO Nico Muller, offered up to R2.6-billion worth of rand-denominated unsecured convertible bonds and up to $300-million US dollar-denominated unsecured convertible bonds to refinance two convertible bonds, which both mature on February 21.

As at the expiration deadline, Implats had accepted $170-million worth of US dollar-denominated unsecured convertible bonds and R2.429-million worth of rand-denominated unsecured convertible bonds had been tendered.

Bonds in both denominations now due in 2022 are the equivalent of $400-million, those denominated in rands with yearly 6%-to-6.75% interest rates and the new dollar convertible bonds with yearly 2.875%-to-3.625% interest rates.

These will be convertible into ordinary Implats shares or cash when they mature in 2022.

In extending the maturity date by four years, the bond offer “significantly” improves Implats’ short-to-medium-term liquidity.

The share price of Implats fell 2.72% in afternoon JSE trade to R35.77 a share.