RNS30 Oct 2019 14:55
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer, with ownership of high grade vanadium assets in South Africa, is pleased to announce that it has secured R375 million (approximately US$25 million) in debt facilities through its subsidiary Bushveld Vametco Alloys Proprietary Limited ("the Borrower") with Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division), a South African based financial institution, in the form of a R250 million loan and a R125 million revolving credit facility.
· Key highlights of the R250 million loan:
o Five-year amortising loan;
o Interest rate calculated using the three year or six months JIBAR1 as selected by the Company plus a 3.4% margin;
o Interest payments are due semi-annually with first payment due in six months from financial close;
o Principal repayments will be made semi-annually in arrears over four years in eight equal instalments, with first payment due 18 months after financial close.
· Key highlights of the R125 million revolving credit facility:
o Three-year term;
o Interest rate calculated using the three year or six months JIBAR1 as selected by the Company plus a 3.6% margin;
o Interest payments are due semi-annually with first payment due in six months from financial close.
· The security provided is customary for a secured financing of this nature, including cession of shares in the Borrower, security over the assets of the Borrower, and a parent guarantee.
· Both facilities are subject to market related arranging and commitment fees.
Sign In
Follow the stocks
