Sasol stock dips on $750M convertible bonds offering

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• Sasol (NYSE:SSL) said its unit Sasol Financing USA launched an offering of $750M guaranteed senior unsecured convertible bonds due 2027.
• The company expects to use the net proceeds for general corporate purposes, including refinancing of debt.
• Sasol added that the convertible bonds will be issued around Nov. 8 (the closing date). The bonds are expected to pay a coupon of between 4.0% and 4.5% per annum.
• These bonds will be issued at 100% of their principal amount (i.e. US$200K per convertible bond).
• The bonds, subject to shareholders' approval at a general meeting, will be convertible into new and/or existing ordinary shares of Sasol.
• SSL -7.25% to $15.61 premarket Nov. 1