Petra Diamonds Ltd - operator of diamond mines in South Africa - Will conduct a special tender process for the Letlapa Tala collection, which are five blue diamonds sourced from the Cullinan mine in South Africa, ranging from 9.61 to 25.75 carats in size.
Sales tender will take place on November 20 and close at 1500 GMT on November 24.
On Tuesday, announced the agreement of commercial terms for long-term restructuring with financial stakeholders. Key features includes partial reinstatement of the notes debt through the issue of USD337 million in new senior secured notes.
The remainder of the notes debt into equity, meaning the noteholder group holding 91% of Petra's enlarged share capital. There will also be a restructuring of the first lien facilities provided by the South African lender group and an introduction of new cashflow controls.
Finally, Petra concluded its formal sales process, as no offers were received.
Current stock price: 1.37 pence
Year-to-date change: down 85%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Petra Diamonds (PDL)