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Short-Term And Long-Term Loans | 12 Months Ended
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Dec. 31, 2015
Short-Term And Long-Term Loans |
16. | SHORT-TERM AND LONG-TERM LOANS
The terms and conditions of outstanding loans are as follows:
Facility |  | Notes |  | December 31, 2015 |  |  | December 31, 2014 |  |  | Borrower |  | Interest rate |  |  | Commitment fee |  |  | Maturity date |
$200 million non-revolving senior secured term loan |  | (a) |  |  | — |  |  |  | — |  |  | La Cima |  |  | LIBOR plus 2.00% |  |  |  | — |  |  |  | December 19, 2014 |
$200 million revolving senior secured credit facility1 |  | (b) |  |  | 42.0 |  |  |  | 42.0 |  |  | La Cima |  |  | LIBOR plus 1.63% |  |  |  | 0.65 | % |  |  | December 19, 2017 |
$1 billion Notes issue 2,3 |  | (c) |  |  | 992.6 |  |  |  | 991.3 |  |  | Orogen |  |  | 4.875% |  |  |  | — |  |  |  | October 7, 2020 |
$70 million senior secured revolving credit facility4 |  | (d) |  |  | 45.0 |  |  |  | 35.0 |  |  | Ghana |  |  | LIBOR plus 2.40% |  |  |  | 1.00 | % |  |  | May 6, 2017 |
$1,510 million term loan and revolving credit facilities5 |  | (e) |  |  | 724.0 |  |  |  | 626.0 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Facility A ($75 million) |  |  |  |  | — |  |  |  | 75.0 |  |  | Orogen |  |  | LIBOR plus 2.45% |  |  |  | — |  |  |  | November 28, 2015 |
- Facility A ($45 million) |  |  |  |  | 45.0 |  |  |  | 45.0 |  |  | Orogen |  |  | LIBOR plus 2.45% |  |  |  | — |  |  |  | November 28, 2017 |
- Facility B ($720 million) |  |  |  |  | 150.0 |  |  |  | — |  |  | Orogen |  |  | LIBOR plus 2.25% |  |  |  | 0.90 | % |  |  | November 28, 2017 |
- Facility C ($670 million) |  |  |  |  | 529.0 |  |  |  | 506.0 |  |  | Orogen |  |  | LIBOR plus 2.00% |  |  |  | 0.80 | % |  |  | November 28, 2017 |
R1,500 million Nedbank revolving credit facility6 |  | (f) |  |  | — |  |  |  | 129.8 |  |  | GFIJVH/GFO |  |  | JIBAR plus 2.50% |  |  |  | 0.85 | % |  |  | March 7, 2018 |
Rand revolving credit facilities7 |  | (g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- R500 million Rand Merchant Bank revolving credit facility |  |  |  |  | — |  |  |  | 21.6 |  |  | GFIJVH/GFO |  |  | JIBAR plus 2.50% |  |  |  | 1.00 | % |  |  | June 19, 2016 |
- R500 million Standard Bank revolving credit facility |  |  |  |  | — |  |  |  | — |  |  | GFIJVH/GFO |  |  | JIBAR plus 2.75% |  |  |  | 1.05 | % |  |  | December 20, 2016 |
Short-term rand uncommitted credit facilities8 |  | (h) |  |  | 16.7 |  |  |  | 65.2 |  |  | — |  |  | — |  |  |  | — |  |  |  | — |
Total loans |  |  |  |  | 1,820.3 |  |  |  | 1,910.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term loans and current portion of long-term loans |  |  |  |  | (16.7 | ) |  |  | (140.2 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total long-term loans |  |  |  |  | 1,803.6 |  |  |  | 1,770.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Borrowings under the revolving senior secured credit facility are secured by first-ranking assignments of all rights, title and interest in all of La Cima’s concentrate sale agreements. In addition, the offshore and onshore collection accounts of La Cima are subject to an account control agreement and a first-ranking charge in favour of the lenders. This facility is non-recourse to the rest of the Group.
The total amount available under this facility at December 31, 2015 was $150.0 million (2014: $75.0 million) At December 31, 2015, La Cima did not meet certain covenants specified in the revolving senior secured credit facility agreement. The lenders subsequently waived their rights and entitlements arising from the failiure of La Cima to meet the specific covenants.
(2) | The balance is net of unamortised transaction costs amounting to $7.4 million which will unwind over the remaining period of the notes as an interest expense.
The payment of all amounts due in respect of the Notes is unconditionally and irrevocably guaranteed by Gold Fields Limited (“Gold Fields”), Sibanye Gold (up to April 24, 2015), Gold Fields Operations Limited (“GFO”) and Gold Fields Holdings Company (BVI) Limited (“GF Holdings”) (collectively “the Guarantors”), on a joint and several basis. The Notes and guarantees constitute direct, unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively, and rank equally in right of payment among themselves and with all other existing and future unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively. Subsequent to year-end, on February 19, 2016, Gold Fields Australasia (Proprietary) Limited (“GFA”) announced an offer to purchase $200.0 million of its Notes at discounts of 17% to the original value. GFA would pay a minimum of $830 for every $1,000 of the securities. GFA announced that it has accepted for purchase an aggregate principal amount of Notes equal to $147.6 million at the purchase price of $880 per $1,000 in principal amount of Notes. GFA intends to hold the notes acquired until their maturity on October 7, 2020. The purchase of the notes amounting to $147.6 million was financed by drawing down under the $1,510 million term loan and revolving credit facilities.
(3) | As part of the unbundling of Sibanye Gold in 2013, an indemnity agreement (“the Indemnity Agreement”) was entered into between the Guarantors, pursuant to which the Guarantors (other than Sibanye Gold) hold Sibanye Gold harmless from and against any and all liabilities and expenses which may be incurred by Sibanye Gold under or in connection with the Notes, including any payment obligations by Sibanye Gold to the noteholders or the trustee of the Notes pursuant to the guarantee of the Notes, all on the terms and subject to the conditions contained therein.
In March 2015, Gold Fields approached the noteholders through a consent solicitation process to release Sibanye Gold of its obligation as a guarantor under the Notes. On April 22, 2015 the noteholders approved the various resolutions to release Sibanye Gold as a guarantor. The release became effective on 24 April 2015 when all the conditions to the extraordinary resolution were met.
(4) | Borrowings under the facility are guaranteed by Gold Fields Ghana Limited and Abosso Goldfields Limited. Borrowings under this facility are also secured by the registration of security over certain fleet vehicles owned by GF Ghana and Abosso (“Secured Assets”). In addition, the lenders are noted as first loss payees under the insurance contracts in respect of the Secured Assets and are assigned the rights under the maintenance contracts between certain suppliers of the Secured Assets. This facility is non-recourse to the rest of the Group.
Fleet assets in Ghana amounting to $176.6 million (2014: $176.6 million) have been pledged as security for this facility.
(5) | Borrowings under these facilities are guaranteed by Gold Fields, GF Holdings, Orogen, GFO and GFIJVH. $75.0 million of Facility A matured on November 28, 2015, resulting in the total facility capacity available at December 31, 2015, to be $1,435.0 million.
(6) | Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen and GFIJVH.
(7) | Borrowings under these facilities are guaranteed by Gold Fields, GFO, GF Holdings, Orogen and GFIJVH.
(8) | The Group utilised uncommitted loan facilities from some of the major banks to fund the capital expenditure and working capital requirements of the South African operation. These facilities have no fixed terms, are short-term in nature and interest rates are market related. Borrowings under these facilities are guaranteed by Gold Fields.
|  | December 31, 2015 |  |  | December 31, 2014 |
(a) $200 million non-revolving senior secured term loan |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | — |  |  |  | 70.0 |
Repayments |  |  | — |  |  |  | (70.0 | )
Balance at end of the year |  |  | — |  |  |  | — |
(b) $200 million revolving senior secured credit facility |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 42.0 |  |  |  | — |
Loans advanced |  |  | — |  |  |  | 42.0 |
Balance at end of the year |  |  | 42.0 |  |  |  | 42.0 |
(c) $1 billion notes issue |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 991.3 |  |  |  | 990.0 |
Unwinding of transaction costs |  |  | 1.3 |  |  |  | 1.3 |
Balance at end of the year |  |  | 992.6 |  |  |  | 991.3 |
(d) $70 million senior secured revolving credit facility |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 35.0 |  |  |  | 35.0 |
Loans advanced |  |  | 10.0 |  |  |  | 35.0 |
Repayments |  |  | — |  |  |  | (35.0 | )
Balance at end of the year |  |  | 45.0 |  |  |  | 35.0 |
(e) $1,510 million term loan and revolving credit facility |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 626.0 |  |  |  | 773.5 |
Loans advanced |  |  | 400.0 |  |  |  | 41.5 |
Repayments |  |  | (302.0 | ) |  |  | (189.0 | )
Balance at end of the year |  |  | 724.0 |  |  |  | 626.0 |
(f) R1,500 million Nedbank revolving credit facility |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 129.8 |  |  |  | 145.1 |
Repayments |  |  | (129.0 | ) |  |  | — |
Translation adjustment |  |  | (0.8 | ) |  |  | (15.3 | )
Balance at end of the year |  |  | — |  |  |  | 129.8 |
(g) Rand revolving credit facilities |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 21.6 |  |  |  | — |
Loans advanced |  |  | — |  |  |  | 46.2 |
Repayments |  |  | (21.5 | ) |  |  | (21.6 | )
Translation adjustment |  |  | (0.1 | ) |  |  | (3.0 | )
Balance at end of the year |  |  | — |  |  |  | 21.6 |
(h) Short-term rand uncommitted credit facilities |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 65.2 |  |  |  | 46.5 |
Loans advanced |  |  | 96.0 |  |  |  | 299.2 |
Repayments |  |  | (141.8 | ) |  |  | (276.2 | )
Translation adjustment |  |  | (2.7 | ) |  |  | (4.3 | )
Balance at end of the year |  |  | 16.7 |  |  |  | 65.2 |
Total borrowings |  |  | 1,820.3 |  |  |  | 1,910.9 |
Debt maturity ladder The combined aggregate maturities of short and long-term loans for each of the next five years at December 31, 2015 and December 31, 2014 is tabulated below:
Maturity |  | December 31, 2015 |  |  | December 31, 2014 |
1 year |  |  | 16.7 |  |  |  | 140.2 |
2 years |  |  | 811.0 |  |  |  | 21.6 |
3 years |  |  | — |  |  |  | 628.0 |
4 years |  |  | — |  |  |  | 129.8 |
5 years and thereafter |  |  | 992.6 |  |  |  | 991.3 |
|  |  | 1,820.3 |  |  |  | 1,910.9 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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