LONDON (Alliance News) - KAZ Minerals PLC on Friday said a waiver of the net debt to earnings before interest, tax, depreciation and amortisation financial covenant in its PXF facility has been approved.
The covenant was due to be tested at December 31 and is next due to be tested at June 30, 2017.
KAZ added that it "continues to enjoy strong support" from its lenders and plans to resume discussions with the PXF bank syndicate over a longer term refinancing of the facility in early 2017, after it releases its 2016 financial statements.
A similar waiver request has also been issued to Caterpillar Financial Services (UK) Ltd in respect of KAZ's USD50 million revolving credit facility.
Shares in KAZ were trading down 3.5% at 291.66 pence on Friday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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