White & Case advises Citibank and Nedbank on US$1.28 billion loan financing for Harmony Gold

Global law firm White & Case LLP has advised Citibank, N.A. London Branch and Nedbank Limited as global co-ordinators on a US$1.28 billion senior unsecured multi-tranche, multi-currency financing for Harmony Gold.

The financing was made available by a syndicate of international banks to the publicly listed South African mining company Harmony Gold to refinance the company's existing indebtedness under its 2022 credit facilities and the 2025 bridge facility supporting Harmony's acquisition of MAC Copper Limited, and to finance the Group's ongoing exploration activities, working capital requirements, eligible green projects and other strategic objectives of the Group.

The financing was structured as five separate credit facilities denominated in USD, ZAR and AUD under a common terms agreement umbrella, of which approximately US$1.1 billion was made available as sustainability-linked loans and approximately US$180 million made available as green loans.

Harmony Gold is a gold mining and exploration company with a growing international copper footprint and is the largest gold producer by volume in South Africa. White & Case also advised the co-ordinators and the syndicate on the 2025 bridge facility made to Harmony to finance the acquisition of MAC Copper Limited.

The White & Case team which advised on the transaction was led by partner James Hardy and included associates Ella Ehrenberg-Peters, Caglar Senol and Jere Agbaje (all London). Cross-office support was provided by partners Lionel Shawe (Johannesburg), Roman Picherack (Sydney) and Aldrin De Zilva (Melbourne), local partner Sboniso Cibane (Johannesburg), counsel Igor Golshtein (Melbourne) and associates Greig Lamont and Max Drummond (both Sydney).

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