South Africa's Gold Fields is self-arranging a loan refinancing of around $500 million, two banking sources said on Tuesday. The financing, which launched on Monday, is being clubbed at the top level, but may be syndicated further, one of the sources said. Gold Fields was not immediately available for comment. Gold Fields joins fellow South African miner AngloGold which is self-arranging a four-year, $1 billion loan, a banking source told Thomson Reuters LPC on Monday. Gold Fields last tapped the loan market in May 2009 for a one-year, $311 million financing via Barclays and Royal Bank of Scotland. The loan included a one-year extension option and paid a margin of 275 basis points (bps) over LIBOR, according to Thomson Reuters LPC data. That loan refinanced a $250 million tranche of a $750 million deal signed in 2007. The remaining $500 million facility on that deal matures in May 2012. The 2007 facilities paid margins of 25 bps and 30 bps over LIBOR respectively. Gold Fields is rated BBB- by Standard & Poor's.

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