8th Mar 2016 09:52
LONDON (Alliance News) - Sierra Rutile Ltd on Tuesday said it has extended the maturity dates on two lending facilities from South Africa's Nedbank Ltd.
Sierra Rutile said its existing USD20.0 million working capital facility and its USD15.0 million standby loan facility have been extended another 14 months and now will expire at the end of May 2017.
The working capital facility continues to carry an interest rate of Libor plus 5%, while the standby facility carries a rate of Libor plus 2%, also the same as previously.
In addition, Sierra Rutile said it has received confirmation of formal credit approval from Nedbank for a hedging facility for its fuel supplies and interest rate exposure and is in the process of finalising documentation for this.
Sierra Rutile shares were up 9.3% to 20.50 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
SRX.L