JOHANNESBURG (miningweekly.com) – To refinance its existing $300-million, 8.25% senior secured second lien notes, Petra Diamonds launched a $600-million notes issue on Thursday.
Proceeds will also be used to repay all drawn bank facilities and for general corporate purposes.
Concurrently, Petra intends to enter into new bank facilities to provide additional liquidity, with the facilities remaining undrawn upon closing of the offering of the 2022 notes.
As a result of an extended debt maturity profile and increased liquidity position, the new capital structure will provide the group with additional financial flexibility.
“This represents a further step forward in the next phase of the company's development as the eight-year capital expenditure programme at our flagship Finsch and Cullinan mines nears completion,” CEO Johan Dippenaar said.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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