15th Dec 2015 07:00
BASE RESOURCES LIMITED - Project Debt Facility Reschedule Successfully ExecutedBASE RESOURCES LIMITED - Project Debt Facility Reschedule Successfully Executed
PR Newswire
London, December 15
AIM and Media Release
15 December 2015
BASE RESOURCES LIMITEDProject Debt Facility Reschedule Successfully Executed
Base Resources Limited (ASX & AIM: BSE) (“Base”) is pleased to advise that it has executed documentation to give effect to a rescheduling of the Kwale Project Debt Facility (“Debt Facility”) that establishes a repayment profile more appropriate to the current commodity price environment.
Under the terms of the reschedule, Base has paid down US$14 million of the Debt Facility on execution, which, together with the US$11 million repayment in June 2015, reduces the outstanding debt to US$190 million. By extending the tenor of all tranches equally over the remaining 4.5 years of the Debt Facility, and re-profiling of the repayment schedule, Base has been able to lower its repayments over the next two years, as shown in the table below:
| FinancialYear | Repayment Date | Pre-rescheduledDebt Facility | Rescheduled Debt Facility | Repayment Date | Pre-rescheduled Debt Facility | Rescheduled Debt Facility |
| 2016 | 15 December 2015 | US$25.1m | US$14.0m* | 15 June 2016 | US$28.2m | US$9.5m |
| 2017 | 15 December 2016 | US$25.0m | US$15.2m | 15 June 2017 | US$27.1m | US$11.4m |
| 2018 | 15 December 2017 | US$37.3m | US$20.9m | 15 June 2018 | US$26.5m | US$26.6m |
| 2019 | 15 December 2018 | US$13.3m | US$26.6m | 15 June 2019 | US$8.6m | US$26.6m |
| 2020 | 15 December 2019 | US$8.6m | US$26.6m | 15 June 2020 | US$4.3m | US$26.6m |
* Being the loan reduction on execution of the rescheduling documentation.
Base is also pleased to introduce a new lender, Societe Generale Corporate & Investment Banking, to the Debt Facility as part of the reschedule.
The Debt Facility reschedule has the following key terms:
All loan tranches are repayable over 4.5 years. Project completion requirements are removed. Base had already satisfactorily passed all operational requirements. The portion of surplus cash sweeps to be distributed to lenders at each repayment date remain at 50% for the life of the loan, with such cash sweeps being applied to accelerate repayment of the Debt Facility. Applicable margin across all tranches, inclusive of political risk insurance, of 6.30%, comparable with the pre-rescheduled blended margin of 6.33%. The applicable base rate continues to be the 180 day US Dollar LIBOR for the relevant interest period. Base parent guarantee remains in place until 30 June 2017, subject to perfecting the applicable lender security package and finalising a long term operating licence for the company’s port operations. An additional margin of 0.25% continues to apply until the earlier of the time that the lender security package is perfected and when the outstanding loan is reduced to US$170 million, currently expected to occur following the scheduled repayment on 15 December 2016. An amendment fee of US$2.85 million, being 1.5% of the US$190 million rescheduled Debt Facility.In addition to the US$14m repayment made, Base has also fully funded the debt service reserve account with US$17.6 million, being the principal repayment and debt service costs for the next six months.
The rescheduling of the Debt Facility will become effective following finalisation of lenders’ political risk insurance, which is expected to be completed today.
Northcott Capital continues to act as debt advisor to Base in connection with the Debt Facility.
A PDF version of this release is available from http://www.asx.com.au/ and on the company’s website: http://www.baseresources.com.au/.
ENDS
CORPORATE PROFILEDirectorsKeith Spence (Non-Executive Chairman)Tim Carstens (Managing Director)Colin Bwye (Executive Director)Sam Willis (Non-Executive Director)Michael Anderson (Non-Executive Director)Michael Stirzaker (Non-Executive Director)Malcolm Macpherson (Non-Executive Director)Company SecretaryChadwick PolettiNOMINATED ADVISOR & BROKERRFC Ambrian LimitedAs Nominated Adviser:Andrew Thomson / Stephen AllenPhone: +61 (0)8 9480 2500As Broker:Jonathan WilliamsPhone: +44 20 3440 6800SHARE REGISTRY: ASXComputershare Investor Services Pty LimitedLevel 11, 172 St Georges TerracePERTH WA 6000Enquiries: 1300 850 505 / +61 (3) 9415 4000http://www.computershare.com.au/SHARE REGISTRY: AIMComputershare Investor Services PLCThe PavilionsBridgwater RoadBRISTOL BS99 6ZZEnquiries: +44 (0) 870 702 0003http://www.computershare.co.uk/AUSTRALIAN MEDIA RELATIONSCannings PurpleWarrick Hazeldine / Annette EllisEmail: [email protected] /[email protected]Phone: +61 (0)8 6314 6300UK MEDIA RELATIONSTavistock CommunicationsJos Simson / Emily FentonPhone: +44 (0) 207 920 3150KENYA MEDIA RELATIONSAfricapractice (East Africa)Evelyn Njoroge / James Njuguna/Joan KimaniPhone: +254 (0)20 239 6899Email: [email protected]PRINCIPAL & REGISTERED OFFICELevel 1, 50 Kings Park RoadWest Perth, Western Australia, 6005Email: [email protected]Phone: +61 (0)8 9413 7400Fax: +61 (0)8 9322 8912
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