11th Dec 2019 14:00
(Alliance News) - Kenmare Resources PLC on Wednesday said it has secured debt facilities with Absa Bank Ltd, The Emerging Africa Infrastructure Fund, Nedbank Ltd, Rand Merchant Bank and Standard Bank Group.
The new debt facilities comprise a USD110 million term loan facility and a USD40 million revolving credit facility, the titanium minerals and zircon producer said.
Kenmare intends to use the facilities in part to repay in full its existing senior and subordinated project loans, it said, of which USD64 million is outstanding. The reminder will be used for working capital purposes, the company added.
"The new facilities will support the continued growth of our business as well as extending the maturity profile of our debt beyond the current short period of increased capital expenditure," said Kenmare Finance Director Tony McCluskey.
Kenmare shares were trading 0.3% higher in London on Wednesday at 220.69 pence each.
By Evelina Grecenko; [email protected]
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