Harmony Gold launches USD 500 million senior unsecured convertible bond offering

Harmony Gold launched an offering of USD 500 million guaranteed senior unsecured convertible bonds due 2031.

Proceeds are earmarked for general corporate purposes as Harmony targets a lower cost of capital and an optimized balance sheet.

The bonds are expected to price with a 1.5%–2% annual coupon, paid semi-annually, and to be issued at 100% of principal.

The initial conversion price is expected at a 35%–40% premium to the reference share price. Conversion is expected to begin 41 business days after issue.

The issue date is expected around Sept. 29, 2026, and the company plans admission to the Frankfurt Open Market within 30 days.