Last checked at 20 Jan 2015 13:03
BISICHI MINING - Statement re RefinancingBISICHI MINING - Statement re Refinancing
PR Newswire
London, January 20
STATEMENT RE RE FINANCING FOR IMMEDIATE RELEASE 20 January 2015 BISICHI MINING PLC £6.0 MILLION DEBT FINANCING Bisichi Mining PLC(`Bisichi' or the `Company'), the UK mining company withdirect coal mining operations in South Africa, is pleased to announce thesuccessful completion of a £6 million term loan facility with Santander. This new loan replaces the previous £5 million term facility and overdraft heldwith Royal Bank of Scotland. The Loan is secured against the Company's UKretail property portfolio. The new debt package has a five year term and is repayable at the end of theterm. The interest cost of the loan is 2.35% above LIBOR and the Company isrequired to enter into Hedging arrangements for no less than 33% of the loan.To date, £5.5275 million of the facility has been drawn. Andrew Heller, Managing Director of Bisichi, commented that: "We are verypleased to have completed the refinancing of our UK banking facilities withSantander and look forward to our long term relationship." Bisichi's financial advisor was Alvarez & Marsal and its legal counsel wasFladgate. END Contact: Bisichi Mining Plc Tel: 020 7415 5030Andrew Heller, Chief ExecutiveGarrett Casey, Finance Director