Kenmare agrees 40m dollar corporate facility

1st Mar 2013 07:03

Kenmare Resources, the titanium feedstock miner, has entered into an agreement with Absa Bank raising 40m dollars of additional debt. This follows an announcement at the end of January when the company said it had extended the period during which operating cashflow generated by the Moma Mine can be used to fund the costs associated with the expansion of Moma from December 2012 to the end of June 2013. Absa Bank, a member of Barclays, is an existing lender to the Kenmare Group.At December 31st the group's bank debt totalled $324.4m, comprising $106.9m senior debt, which is set to be paid by August 1st 2018, and $217.5m subordinated debt, of which $95.5m deferred subordinated debt is now forecast to be paid by August 1st 2014 and the balance of $121.0m is forecast to be paid five years later. NR