Base repays Kwale project debt
PERTH (miningweekly.com) – Mineral sands miner Base Resources will retire its $215-million project debt facility on October 9, following the delivery of an irrevocable notice of prepayment.
The early retirement of the debt will be repaid from a combination of cash reserves and the use of an existing revolving credit facility, following the increase of the credit facility from $30-million to $75-million.
At the end of June, the project debt facility had an outstanding balance of $80-million, and following the repayment of the project debt, the outstanding balance of the revolving credit facility will be around $49-million, with the group’s net debt being around $33-million.
Base told shareholders on Monday that the early retirement of the project debt facility demonstrated the continued strong performance of the Kwale operations, and along with the increased revolving credit facility, provided the group with additional funding flexibility and reduced debt servicing costs.
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