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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure of detailed information about borrowings [abstract]  
Schedule of borrowings
The terms and conditions of outstanding loans are as follows:
United States Dollar
Facility
Figures in millions unless otherwise stated
Notes20212020BorrowerNominal Interest rateCommitment feeMaturity date
US$1 billion notes issue (the 2020 notes)1
(a)— — Orogen4.875 %— 7 October 2020
US$500 million 5-year notes issue (the 5-year notes)2
(b)497.9 497.0 Orogen5.125 %— 15 May 2024
US$500 million 10-year notes issue (the 10-year notes)2
(c)496.7 496.4 Orogen6.125 %— 15 May 2029
US$150 million revolving senior secured credit facility – old3
(d)— 83.5 La Cima
LIBOR plus 2.80%
0.50 %19 September 2021
US$150 million revolving senior secured credit facility – new3
(e)83.5 — La Cima
LIBOR plus 1.40%
0.50 %15 April 2024
US$100 million revolving credit facility4
— — Ghana
LIBOR plus 2.75%
0.90 %13 October 2024
A$500 million syndicated revolving credit facility – old5
(f)— — Gruyere
BBSY plus 2.175%
0.87 %24 May 2021
A$500 million syndicated revolving credit facility – new5
(g)— 200.0 Gruyere
BBSY plus 2.20%
0.88 %19 November 2023
US$1,200 million revolving credit facilities6
(h)— 250.0 
– Facility A (US$600 million 3-year revolving credit facility)
— 250.0 Orogen/Ghana
LIBOR plus 1.45%
0.51 %Refer footnote 6
– Facility B (US$600 million 5-year revolving credit facility)
— — Orogen/Ghana
LIBOR plus 1.70%
0.60 %Refer footnote 6
R1,500 million Nedbank revolving credit facility7
— — GFIJVH/GFO
JIBAR plus 2.80%
0.90 %8 May 2023
R500 million Rand Merchant Bank revolving credit facility8
— — GFIJVH/GFO
JIBAR plus 2.15%
0.71 %15 April 2023
R500 million Absa Bank revolving credit facility9
— — GFIJVH/GFO
JIBAR plus 2.20%
0.77 %15 April 2023
Short-term Rand uncommitted credit facilities10
— — — — — — 
Total borrowings1,078.1 1,526.9 
Current borrowings— (83.5)
Non-current borrowings1,078.1 1,443.4 
1The 2020 notes was unconditionally and irrevocably guaranteed by Gold Fields Limited (“Gold Fields”), Gold Fields Operations Limited (“GFO”) and Gold Fields Holdings Company (BVI) Limited (“GF Holdings”) (collectively “the Guarantors”), on a joint and several basis.
During 2016, Gold Fields Australasia (BVI) Limited (“GFA”) offered and accepted the purchase of an aggregate principal amount of notes equal to US$147.6 million at the purchase price of US$880 per US$1,000 in principal amount of notes. GFA held the notes until their maturity on 7 October 2020. The Group recognised a profit of US$17.7 million in 2016 on the buy-back of the 2020 notes.
On 27 May 2019, Gold Fields announced the successful buy-back of $250 million of the outstanding 2020 notes at 102% of par as compared with a premium of 101.73% of par at the close of business on 24 May 2019. The buy-back of the notes was financed with the proceeds of the raising of two new bonds, the 5-year notes and the 10-year notes. The Group recognised a loss of US$5.0 million in 2019 on the buy-back of the 2020 notes.
On 7 October 2020, the 2020 notes matured and the outstanding balance was repaid.
2On 9 May 2019, Gold Fields successfully concluded the raising of two new bonds, a US$500 million 5-year notes issue with a coupon of 5.125% and a US$500 million 10-year notes issue with a coupon of 6.125%, raising a total of US$1 billion at an average coupon of 5.625%. The proceeds of the raising were used to repay amounts outstanding under the US$1,290 million term loan and revolving credit facilities and to repurchase of a portion of the 2020 notes.
The balances of the five-year notes and the 10-year notes are net of unamortised transaction costs amounting to US$2.1 million (2020: US$3.0 million) and US$3.3 million (2020: US$3.6 million), respectively.
The payments of all amounts due in respect of the 5-year and 10-year notes are unconditionally and irrevocably guaranteed by Gold Fields Limited (“Gold Fields”), Gold Fields Ghana Holdings (BVI) Limited (“GF Ghana”) and Gold Fields Holdings Company (BVI) Limited (“GF Holdings”) (collectively “the Guarantors”), on a joint and several basis.
3On 21 July 2020, La Cima and the Facility Agent entered into an Amendment Agreement to extend the termination date of the facility agreement by one year to 19 September 2021.
On 15 April 2021, the old US$150 million revolving senior secured credit facility was refinanced with the new US$150 million revolving senior secured credit facility and cancelled.
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.
4On 27 September 2021, the old US$100 million revolving credit facility was refinanced with the new US$100 million revolving credit facility and cancelled.
Borrowings under the facility are guaranteed by Gold Fields Ghana Limited ("GF Ghana Limited") and Abosso Goldfields Limited ("Abosso"). This facility is non-recourse to the rest of the Group.
5On 19 November 2020, Gruyere Holdings Proprietary Limited entered into a new A$500.0 million syndicated revolving credit facility. On 23 November 2020, the old A$500.0 million syndicated revolving credit facility was refinanced with the new A$500 million syndicated revolving credit facility and cancelled.
Borrowings under the original facility were guaranteed by Gold Fields, GF Holdings, Orogen, GFO, GFIJVH and GF Ghana.
Borrowings under the facility are guaranteed by Gold Fields, GF Holdings, Orogen and GF Ghana.
6On 25 July 2019, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited entered into a US$1,200 million revolving credit facilities agreement which became effective on the same day, with a syndicate of international banks and financial institutions. The new facilities comprise two tranches, a US$600 million 3 year revolving credit facility (with an option to extend to up to 2 years subject to lender consent) and a US$600.0 million 5 year revolving credit facility (with an option to extend to up to 2 years subject to lender consent). The purpose of the new facilities is to refinance the US$1,290 million term loan and revolving credit facilities, to repay the 2020 notes and to fund general corporate and working capital requirements of the Gold Fields Group.
In July 2020, US$870 million of the US$1,200 million revolving credit facilities were extended by one year. The facilities will run as follows:
•Facility A: US$600 million up to 25 July 2022 then US$435 million from 26 July 2022 to 25 July 2023;
•Facility B: US$600 million up to 25 July 2024 then US$435 million from 26 July 2024 to 25 July 2025.
In July 2021, US$1,055 million of the US$1,200 million revolving credit facilities were extended, US$960 million by one year and US$95 million by two years. The facilities will run as follows:
•Facility A: USUS$600 million up to 25 July 2022 then US$550 million from 26 July 2022 to 25 July 2024;
•Facility B: US$600 million up to 25 July 2024 then US$505 million from 26 July 2024 to 25 July 2026.
Borrowings under this facility are guaranteed by Gold Fields, GF Holdings, Orogen, GF Ghana and Gruyere Holdings Proprietary Limited (“Gruyere”)
7Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH, GF Ghana and Gruyere.
8On 15 April 2020, GFIJVH and GFO entered into a new R500 million Rand Merchant Bank revolving credit facility. The old facility matured on 31 March 2020. Borrowings under the new facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH and GF Ghana.
9On 15 April 2020, GFIJVH and GFO entered into a new R500 million ABSA Bank revolving credit facility. The old facility matured on 31 March 2020. Borrowings under the new facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH and GF Ghana.
10The Group has access to uncommitted loan facilities from some of the major banks. 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.
Summary of borrowings by type
United States Dollar
Figures in millions unless otherwise stated20212020
(a)
US$1 billion notes issue
Balance at beginning of the year— 601.4 
Unwinding of transaction costs— 0.9 
Repayment— (602.3)
Balance at end of the year— — 
(b)
US$500 million 5-year notes issue
Balance at beginning of the year497.0 496.3 
Loans advanced— — 
Transaction costs— — 
Unwinding of transaction costs0.9 0.7 
Balance at end of the year497.9 497.0 
(c)
US$500 million 10-year notes issue
Balance at beginning of the year496.4 496.1 
Loans advanced— — 
Transaction costs— — 
Unwinding of transaction costs0.3 0.3 
Balance at end of the year496.7 496.4 
(d)
US$150 million revolving senior secured credit facility – old
Balance at beginning of the year83.5 83.5 
Repayments(83.5)— 
Balance at end of the year— 83.5 
(e)
US$150 million revolving senior secured credit facility – new
Loans advanced83.5 — 
Balance at end of the year83.5 — 
(f)
A$500 million syndicated revolving credit facility – old
Balance at beginning of the year— 168.5 
Loans advanced— 85.8 
Repayments— (248.9)
Translation adjustment— (5.4)
Balance at end of the year— — 
(g)
A$500 million syndicated revolving credit facility – new
Balance at beginning of the year200.0 — 
Loans advanced— 191.0 
Repayments(186.7)— 
Translation adjustment(13.3)9.0 
Balance at end of the year— 200.0 
(h)
US$1,200 million revolving credit facilities
Balance at beginning of the year250.0 — 
Loans advanced124.0 413.0 
Repayments(374.0)(163.0)
Balance at end of the year— 250.0 
Total borrowings1,078.1 1,526.9 
Notes to the Consolidated Financial Statements continued
for the year ended 31 December 2021



24.    BORROWINGS continued
United States Dollar
Figures in millions unless otherwise stated20212020
The exposure of the Group's borrowings to interest rate changes and the contractual repricing dates at the reporting dates are as follows:
Variable rate with exposure to repricing (six months or less)83.5 533.5 
Fixed rate with no exposure to repricing994.6 993.4 
1,078.1 1,526.9 
The carrying amounts of the Group's borrowings are denominated in the following currencies:
US Dollar1,078.1 1,326.9 
Australian Dollar— 200.0 
Rand— — 
1,078.1 1,526.9 
The Group has the following undrawn borrowing facilities:
Committed1,887.1 1,471.3 
Uncommitted85.4 104.5 
1,972.5 1,575.8 
All of the above undrawn committed facilities have floating rates. The uncommitted facilities have no expiry dates and are open ended. Undrawn committed facilities have the following expiry dates:
– within one year50.0 166.5 
– later than one year and not later than two years565.6 96.2 
– later than two years and not later than three years766.5 608.6 
– later than three years and not later than five years505.0 600.0 
1,887.1 1,471.3