Competition authorities approve Atlatsa restructure plan
JOHANNESBURG (miningweekly.com) – The South African competition authorities have approved the implementation of Atlatsa Resources’ R3.5-billion restructuring, recapitalisation and refinancing plan with Anglo American Platinum (Amplats).
Approval by the competition authorities represented a key condition to the completion of the deal, which was announced in March and which would be completed by October.
The deal encompasses a R3.5-billion restructuring, recapitalisation and refinancing plan for Atlatsa and the Bokoni group of companies. Amplats would acquire the eastern section of Atlatsa’s Ga-Phasha and Boikgantsho projects for R1.7-billion, the proceeds of which would be used by Atlatsa to reduce its existing debt owing to Amplats.
In addition, Amplats would subscribe for 125-million new common shares in Atlatsa for an aggregate subscription price of R750-million, the proceeds of which would be used by Atlatsa to further reduce its debt to Amplats.
This would reduce Atlatsa’s debt to Amplats to R830-million.
Under the terms of the deal, Amplats would further provide Atlatsa with an additional debt facility of about R720-million, bringing the total debt facility up to a limit of R1.55-billion, which is repayable between 2018 and 2020.
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