Weatherly postpones debt repayments to Orion

JOHANNESBURG (miningweekly.com) – Copper miner Weatherly International’s debt repayments to Orion Mine Finance have been rescheduled.

Weatherly has entered into a further amendment and restatement agreement in relation to its existing facility with Orion.

The first repayment of facility B, previously due on October 31, is now due on December 31 and the second repayment previously due on November 30 is now due on January 31, 2018.

Subsequent payments are unchanged, payable quarterly from February 28, 2018, until February 28, 2020.

Each facility B repayment will remain unchanged so that facility B will be repayable in 11 equal repayments of $9.7-million each.

The repayment of $10.3-million including capital and interest until August 31 under facilities C and D of the amended facility has been deferred until December 31.  

Interest accruing on facility B, C and D loans, amounting to $1.8-million in total, will no longer be capitalised and added to the principal amount of those loans but will accrue and be payable on the date of repayment of the corresponding principal amount or, at Orion's discretion, at the end of the three-month interest period then current.