Impala Platinum Holdings (Implats) successfully raised US$500-m through the issue of a dual tranche convertible bond. RMB, acting as joint bookrunner, collaborated with Implats to structure and execute the transaction in only four weeks.
The challenge
Impala Platinum Holdings required funds to grow the business. A convertible bond facility was suggested to raise capital at a lower interest rate and delay the dilution of their common stock.
Proven results
Once the offer was opened, Implats raised the US$500-m in five hours – demonstrating our Solutionists’ ability to rapidly react and execute upon our client’s requirements.
Raised US$500 Million in 5 hours
The RMB Solution
The issuance of $500-m dual tranche convertible bonds maturing in June 2022 and the concurrent tender offer to repurchase the 2018 bonds, provided Implats with certainty regarding the refinancing of the 2018 bonds and enabled them to extend their capital market funding by five years.
The additional amount raised over and above the refinancing requirement of the 2018 bonds were used to enhance the short to medium term liquidity of Impala Platinum.
Collaboration benefits realised instantly
