Sasol slides on pricing $750 mln convertible debt deal

Sasol

01/11/2022 16:08

** U.S.-listed shares of Sasol  SSL.N  down 6.3% at $15.77
on Tues as South African petrochemical co raises capital
    ** SSL falls as much as 8.1% to $15.47, lowest since last
Dec
    ** Sasol offers $750 mln 4.5% 5-yr convertible bonds (CBs)
for general corp purposes, including debt refinancing
    ** Conversion price of $20.39 represents 30% premium to
1-day VWAP (volume-weighted avg price) of JSE-listed ordinary
shares
    ** BofA, Citigroup and JP Morgan acting as jt bookrunners
    ** Sasol had roughly $11 bln market cap as of last close,
per Refinitiv data
    ** With move on Tues, shares off ~4% YTD and have nearly
halved from 2022 peak hit in Jun
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))