HAR Debt/facility Neutral
HARMONY GOLD MINING COMPANY LIMITED - Harmony reduces funding costs and strengthens liquidity through oversubscribed multi-currency syndicated facilities
Harmony Gold Mining Company Limited
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What this filing means
Harmony has concluded new syndicated multi-currency facilities totalling US$500m plus A$500m plus R7bn, significantly oversubscribed at roughly three times the targeted amount. The transaction reduces funding costs and extends the maturity profile while refinancing the MAC Copper bridge facility. The filing is informational execution — completing the financing for a deal already disclosed and priced — and arrives after a 20-day share-price run-up of 7.1%, so the oversubscription is a credit-qua…
Bear case
- Eva Copper development cost of US$1.55-1.75bn materially exceeds the new facility footprint and remains an unfunded growth commitment on the balance sheet.
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