11th Sep 2026 11:33
Tharisa PLC - Paphos, Cyprus-headquartered platinum miner in South Africa and Zimbabwe - Prices its sale of USD300 million in five-year senior secured bonds by subsidiary Arxo Finance PLC at 98% of principal with a semi-annual coupon of 11.0%. Tharisa says the bond offering, run by DNB Carnegie and HSBC as joint bookrunners, was oversubscribed, with strong demand from institutional investors across Europe, the UK, the Middle East, North America, and Asia. Tharisa Chief Executive Officer Phoevos Pouroulis calls the results "highly satisfactory".
"The efficiency of the corporate bond market was evident, with more than 150 investors engaging with the Tharisa growth story and a broad group supporting the offering," the CEO says.
Proceeds from the bond issue will be used to complete the development and construction of Tharisa's Karo platinum mine in Zimbabwe. Tharisa says first ore to mill at Karo is expected in the fourth quarter of calendar 2027.
Current stock price in London: 127.50 pence
12-month change: up 36%
Current stock price in Johannesburg: ZAR26.80
12-month change: up 21%
By Tom Waite, Alliance News editor
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