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Petra Diamonds Ltd - majority owner of Williamson diamond mine in Tanzania - Completes restructuring, through partial reinstatement of debt from notes and contribution by holders of the existing notes of USD30 million in new money, both taking the form of new senior secured notes. The new notes amount to USD337.0 million.
There is also the conversion of the remainder of the notes' debt into equity, leading to the noteholder group holding 91% of Petra's enlarged share capital. In addition, first lien facilities provided by the South African lender group has been restructured, while new governance arrangements and cashflow controls have been implemented.
Also appoints Matthew Glowasky as non-executive director.
"The completion of the restructuring is a significant achievement for Petra and I would like to thank our noteholders, lenders and shareholders for their continued support. The restructuring will provide Petra with a stable and sustainable capital structure, significantly reduced financial burdens and greater liquidity, leaving us in a stronger position to focus on optimising the value of our diversified asset base and to deliver growth for all our stakeholders," notes Chief Executive Officer Richard Duffy.
Current stock price: 1.28 pence, closed 19% lower on Wednesday
Year-to-date change: down 29%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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