Lenders agree to increase Royal Bafokeng Resources’ debt facilities to R3bn
Nedbank and First Rand Bank, trading through its Rand Merchant Bank division, have agreed to increase Royal Bafokeng Resources’ (RBR’s) existing debt facilities from R2-billion to R3-billion.
RBR, a subsidiary of Royal Bafokeng Platinum (RBPlat), earlier this year entered into an agreement to acquire Rustenburg Platinum Mines’ 33% interest in the Bafokeng Rasimone Platinum Mine joint venture (JV) for about R1.86-billion.
The lenders’ agreement to increase RBR’s debt facilities was a key condition to the agreement.
The transaction still remains subject to the fulfilment of a number of conditions precedent, including approval by RBPlat shareholders and approval by the Department of Mineral Resources in terms of Section 11 of the Mineral and Petroleum Resources Development Act.
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