Compromisos para nueva línea de deuda
Michaniki
€0.10
16:00 11/12/18
Recursos de Kenmare plc
("Kenmare" o la "Compañía" o "el Grupo")
6 de febrero de 2024
Compromisos para nueva línea de deuda
Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine in northern Mozambique, has received commitments in respect of a new $200 million Revolving Credit Facility (“RCF”).
Statement from Tom Hickey, Finance Director:
“The new $200 million RCF supports our planned capital programmes in the coming years. It removes the amortising payments of the existing term loan, whilst increasing the size of available facilities and extending the maturity profile from 2025 to 2029.
The new facilities continue our strong relationship with existing lenders and provide enhanced financial flexibility through the revolving credit structure and committed five-year term.”
Revolving Credit Facility highlights
- $200 million RCF provided by Absa, Nedbank CIB, Rand Merchant Bank and Standard Bank
- Interest rate of 4.85% plus Secured Overnight Financing Rate (“SOFR”) per annum, an improvement on the existing term loan interest rate of 5.4% plus SOFR
- The new facility will provide the Group with additional financial flexibility as a result of the extended maturity profile, revolving structure and increased quantum
- Key financial covenants: interest cover ratio of >4.00 times; net debt to EBITDA of <2 times; and minimum liquidity of $25 million
- Distribution covenants: net debt to EBITDA of <1.5 times; and minimum liquidity of $25 million
- Availability of the new debt facility is subject to the execution of definitive documentation and the satisfaction of customary conditions precedent
The facility has been provided by Absa Bank Limited (acting through its Corporate and Investment Banking Division), Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division) (“Nedbank”), FirstRand Bank Limited (acting through its Rand Merchant Bank division) and Standard Bank Group (acting through its Corporate and Investment Banking division) (“Standard Bank”). The Initial Mandated Lead Arranger in respect of the Facility was Rand Merchant Bank.
The new debt facility will comprise a $200 million RCF with a committed five-year term. The facility will replace the existing corporate debt facilities that were put in place in 2019, of which $47 million of Term Loan remains outstanding.
The lenders will share a security package for a $50 million mine closure guarantee facility (up from $40 million in the existing facility).
Signing, closing and initial drawdown is expected to occur in March, following a 30-day consideration period by the Mozambican Ministry of Mineral Resources and Energy.
Para más información, por favor póngase en contacto con:
Recursos de Kenmare plc
Jeremy Dibb / Katharine Sutton / Michael Starke
Relaciones con los inversores
Tel: +353 1 671 0411
Multitud: + 353 87 943 / + 0367 353 87
Murray (asesor de relaciones públicas)
Paul O´Kane
GME@dhr-rgv.com
Tel: +353 1 498 0300
Mob: + 353 86 609 0221
Acerca de Kenmare Resources
Kenmare Resources plc es uno de los productores más grandes del mundo de productos de arenas minerales. Cotizada en la Bolsa de Valores de Londres y en Euronext Dublin, Kenmare opera la mina de minerales de titanio Moma en Mozambique. La producción de Moma representa aproximadamente el 7 % de las materias primas de titanio a nivel mundial y la empresa suministra a clientes que operan en más de 15 países. Kenmare produce materias primas que finalmente se consumen en artículos de calidad de vida cotidiana, como pinturas, plásticos y baldosas de cerámica.
Todos los montos monetarios se refieren a dólares estadounidenses a menos que se indique lo contrario.