Gold Fields issues more shares; falls
After raising R2.3 billion from shareholders to pay down debt, Gold Fields fell the most in a month, stock declining 10%, after the company sold 38.9 million new shares at R59.50 each - a 6% discount to the 30-day average.
According to Gold Fields, the company intends to use the money to pay down a revolving credit facility and reduce its net debt from 1.4 times to 1.2 times. Gold Fields used the facility to buy back $148 million of a $1 billion bond bearing 4.875% interest earlier in 2016.
The company's stock climbed 54% this year to R65.05, as gold rose 19% and it made progress in developing its South Deep mine, which holds most of its reserves.