LONDON (Alliance News) - Bisichi Mining PLC, the UK mining company with direct coal mining operations in South Africa, Tuesday said it has refinanced its debt, securing a GBP6 million term loan facility with Santander.
The loan, which replaces a GBP5 million term facility and overdraft held with Royal Bank of Scotland, is secured against the company's UK retail property portfolio.
The new debt package has a five year term and is repayable at the end of the term.
The interest cost of the loan is 2.35% above the London interbank offered rate and the company is required to hedge no less than 33% of the loan.
To date, GBP5.5275 million of the facility has been drawn, Bisichi Mining said.
Bisichi's financial advisor was Alvarez & Marsal and its legal counsel was Fladgate.
Bisichi Mining shares were flat at 73.00 pence on Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Bisichi (BISI)