Harmony Gold Locks In Favorable Terms on US$500M Convertible Bond: 1.5% Coupon, 40% Conversion Premium
HMY sits 46% above its 52-week low of $13.03 on elevated volume (2.0× avg).
Summary
Harmony Gold priced its US$500 million convertible bond offering due 2031 at a 1.5% coupon with a 40% conversion premium, finalizing terms announced the prior day.
Key Events · Financing and Capital Events · HMY
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Convertible Bond Priced at Favorable Terms
US$500 million guaranteed senior unsecured convertible bonds due 2031 priced at a 1.500% coupon, the bottom of the 1.5–2.0% range announced on 21 September 2026.
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40% Conversion Premium Set
Initial conversion price of ZAR 418.60 ($25.7519) represents a 40.0% premium to the reference share price, at the top of the 35–40% range, reflecting strong demand.
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Potential Dilution of ~3%
Bonds convertible into approximately 19.4 million ordinary shares, about 3.0% of current issued share capital, with a net share settlement option available to limit dilution.
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Delta Placement Executed for Hedging
Concurrent placement of approximately 4.1 million existing shares at ZAR 299.00 ($18.3942) per share to facilitate short-sale hedging by bond buyers; Harmony receives no proceeds.
Analysis · HMY · Energy & Transportation
Final terms are now set for Harmony Gold's US$500 million convertible bond offering, with a 1.5% coupon and a 40% conversion premium—both at the favorable end of the ranges announced yesterday. The bonds convert into approximately 19.4 million shares, representing about 3% of current share capital, and the company retains a net share settlement option to limit dilution. A concurrent Delta Placement of 4.1 million existing shares at ZAR 299.00 ($18.39) was executed solely to facilitate hedging by bond buyers, generating no proceeds for Harmony. This pricing demonstrates strong institutional demand for Harmony's credit at a time when the company is generating record earnings from elevated gold prices.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.9% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, HMY was trading at $19.04 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $12.1B. The 52-week trading range was $13.03 to $26.06. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.