Sasol slumps after announcing $750m convertible bond issue
Investors are concerned about the dilutive effect of the fundraising, which will be used to boost capital reserves and refinance debt
01 November 2022 - 09:40
Sasol shares took the biggest hammering in more than a year on Tuesday after the synthetic fuels and chemicals giant unveiled plans to raise $750m (almost R14bn) in convertible bonds to replenish capital reserves and refinance debt.
Sasol set the conversion price at $20.30, a 30% premium to the volume-weighted average price between the opening trades and pricing of the transaction on Tuesday, and at the bottom end of an earlier announced range...
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