Northam issues R175 million of domestic medium term notes

Northam is pleased to announce that the company has successfully raised term debt through an issue of R175 million five year senior unsecured fixed rate domestic medium term notes (“Notes”). The Notes bear a fixed coupon of 13.50% per annum, payable semi-annually, and will be redeemed on 12 May 2021.

The proceeds will further strengthen Northam’s balance sheet and be applied to the development of the company’s project pipeline.

Paul Dunne, Northam’s chief executive officer said:

The Notes match Northam’s project development requirements and a fixed rate allows for prudent forecasting of the debt cash flows over the term.  We are pleased to have again received support from the market and believe that it reaffirms investor confidence in our growth strategy.

13 May 2016

Issued by

Russell & Associates
Tel +27 (0)11 880 3924