29th Jan 2020 11:55
(Alliance News) - Kaz Minerals PLC on Tuesday said that it has amended and extended its pre-export finance loan facility which has increased the facility commitments to USD1.0 billion.
The new loan represents a net increase of USD700 million above the USD300 million outstanding under the existing facility and the London-headquartered company expects to fully draw the loan by the end of February.
The Kazakhstan-focused copper miner said the new loan extends the maturity date to December 2024 from June 2021 and also includes two one-year extension options.
The loan amendment also has reduced interest margin on the facility, which has been set initially at 2.50% above US dollar London Inter-bank Offered Rate. Previously, the margin was set at 3.00%.
Kaz Minerals Chief Financial Officer John Hadfield said: "The signing of this facility provides additional financial flexibility for the group and demonstrates ongoing support from our lenders. We are pleased to have expanded the banking group and improved the terms of the facility."
Kaz Minerals shares were up 5.8% at 477.00 pence each in London on Wednesday morning.
By Tapan Panchal; [email protected]
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