Sibanye-Stillwater Secures Covenant Uplift, Boosts Leverage Limit to 3.5x

  • Sibanye-Stillwater uplifts covenant limits on credit facilities, enhancing financial flexibility amid market uncertainties.
  • Lenders show confidence by agreeing to leverage covenant increases, signaling support for the company's strategic outlook.
  • CEO Neal Froneman emphasizes the significance of the uplift, citing increased financial flexibility and market confidence.

Sibanye-Stillwater has announced significant changes to its credit facilities. The company, known for its diverse portfolio and recycling efforts, has secured more flexibility in its revolving credit facilities (RCFs).

Key Details of the Announcement

Revised Leverage Covenant Limits

Sibanye-Stillwater has uplifted the leverage covenant limits for its RCFs. These changes affect both the US$1 billion USD RCF and the R5.5 billion ZAR RCF. Additionally, the Silicosis Guarantee Facility is included in these revisions.

New Leverage Limits

PeriodPrevious LimitNew Limit
30 June 2024 – 30 June 20252.5x3.5x
31 July 2025 – 31 December 20252.5x3.0x

These adjustments follow proactive engagement with the company’s lenders, aiming to ensure financial flexibility amid potential extended periods of low commodity prices.

Support from Lenders

Lenders include 11 international banks and 4 South African banks. They have shown confidence in the company by agreeing to these changes.


Sibanye-Stillwater’s proactive measures to uplift its credit facility covenants demonstrate strong financial management. These changes ensure greater flexibility and bolster market confidence in the company’s future.