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petrochemicals

Sasol to offer $750m of guaranteed convertible bonds

1st November 2022

By: Marleny Arnoldi

Deputy Editor Online

     

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Petrochemicals giant Sasol will launch an offering of $750-million, or R13.6-billion, guaranteed senior unsecured convertible bonds on or around November 8, through an indirect wholly-owned subsidiary Sasol Financing.

The net proceeds of the bonds, which are due in 2027, will be used for general corporate purposes and the refinancing of Sasol’s debt.

The bonds are expected to pay a coupon of between 4% and 4.5% a year, payable semi-annually in arrear instalments on May 8 and November 8 of each year.

The bonds will be convertible into new or existing ordinary shares of Sasol, cash, or a combination thereof, and will be offered by way of an accelerated bookbuild to qualified investors only.

The initial conversion price will be set within a premium range of 30% to 35% above the volume-weighted average price of the ordinary shares listed on the main board of the JSE on November 1 and at the time of pricing.

Sasol will submit the convertible bonds for trading on the open market segments of the Frankfurt Stock Exchange within 30 days from the closing date.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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