14th Aug 2015 14:52
LONDON (Alliance News) - KAZ Minerals PLC on Friday said it has signed a new USD50 million revolving credit facility with Caterpillar Financial Services (UK) Ltd, part of the US's Caterpillar Inc.
Caterpillar is a major supplier of mining equipment to KAZ's Bozshakol and Aktogay projects in Kazakhstan.
The facility is available for drawing for three years from the date of signing.
It is then repayable in four installments.
The interest rate has been set at USD LIBOR plus 4.25% and is payable on money outstanding on under the facility.
"This new facility with Cat Financial provides KAZ Minerals with additional liquidity during the construction and ramp-up of our major growth projects and broadens the group's debt portfolio," Chief Financial Officer Andrew Southam said in a statement.
KAZ shares were down 2.6% at 150.00 pence on Friday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
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