Sibanye-Stillwater Limited (NYSE:SBSW) is one of the best Middle East and Africa stocks to buy according to hedge funds. On May 13, Sibanye-Stillwater Limited (NYSE:SBSW) announced the results of its cash tender offer to retire all outstanding 4.000% senior notes due November 2026, in which it revealed that holders tendered a total of $613.875 million of the $675 million in notes outstanding. This means about $61 million was not tendered and will be repaid by the company using its cash reserves when the notes mature.
The company launched the tender offer on May 6, through its wholly owned US subsidiary, Stillwater Mining Company. This offer was structured as an “any and all” offer, which means the company committed to buying back every single note submitted, at full face value of $1,000 for every $1,000 of principal, and with no discount applied. Sibanye issued new debt to fund these buybacks, including a $500 million senior notes offering due 2031, carrying a 6.25% annual coupon, through its UK financing arm.
Separately, Sibanye-Stillwater said on April 17 that it is working on a project to advance nuclear medicine for cancer treatment. The research project is a joint venture with the South African Nuclear Energy Corporation (Necsa). According to Sibanye-Stillwater, the project intends to develop a radioactive palladium isotope known as Palladium-103, or Pd-103, which is used in a cancer treatment process called Brachytherapy.
Sibanye-Stillwater Limited (NYSE:SBSW) is a mining company headquartered in Johannesburg, South Africa. The company operates precious metals mining and processing facilities across South Africa and also owns mining assets in the United States and Europe.
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