Salt Lake Potash Ltd - Western Australia focused organic sulphate of potash miner - Successfully syndicates USD138 million senior debt facility by adding Sequoia Economic Infrastructure Income Fund and the Commonwealth Bank of Australia to the facility.
Sequoia and CBA will invest USD39 million and USD25 million, respectively, into the facility, adding to existing investments led and arranged by Taurus Mining Finance Fund No. 2 L.P and the Australian government's Clean Energy Finance Corp.
Following the syndication, the Taurus investment will be reduced to USD35 million, from USD91 million, and CEFC to USD39 million, from USD47 million.
Salt Lake Chief Executive Tony Swiericzuk says: "I am extremely pleased to welcome SEQI, an experienced global debt investor, and leading Australian bank CBA, into our senior debt facility.
"The breadth and quality of investors that have been attracted to this facility is testament to the robust financial characteristics and positive environmental credentials of the project and its proficient execution by the Salt Lake team. We look forward to continuing our relationship with Sequoia and CBA as we pursue our vision of a multi-lake SOP province in WA."
Current stock price: 24.62 pence
Year-to-date change: up 4.8%
By Paul McGowan; paulmcgowan@alliancenews.com
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