Edition:
United Kingdom

Northam Platinum Secures 2 Bln Rand Of Additional Funding Capacity For Growth Initiatives


Wednesday, 23 May 2018 

May 23 (Reuters) - Northam Platinum Ltd ::NORTHAM SECURES R2 BN OF ADDITIONAL FUNDING CAPACITY FOR GROWTH INITIATIVES AND SECOND FURNACE AT ZONDEREINDE UPDATE.SECURED A NEW R1 BILLION TWO-YEAR UNSECURED REVOLVING CREDIT FACILITY, WHICH MATURES IN APRIL 2020.THIS FACILITY IS IN ADDITION TO NORTHAM'S EXISTING R2 BILLION UNSECURED REVOLVING CREDIT FACILITY (R2BN RCF), WHICH MATURES IN NOV 202.ISSUE OF R450 MILLION TRANCHE AND A R550 MILLION TRANCHE OF ONE-YEAR SENIOR UNSECURED FIXED RATE NOTES (NOTES) ON 19 APRIL 2018 AND 17 MAY 2018.PORTION OF PROCEEDS FROM NOTES HAS BEEN USED TO REPAY PREVIOUS DRAWDOWNS UNDER R2BN RCF AND NEW R1BN RCF REMAINS UNDRAWN.RAMP-UP OF NEWLY COMMISSIONED SECOND FURNACE AT ZONDEREINDE IS PROGRESSING AS PLANNED WITH CONCENTRATE FEED CURRENTLY AVERAGING ABOUT 400 TONNES PER DAY AT 13.5 MW. 

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