Randgold secures ‘attractive’ $200m revolving loan
JOHANNESBURG (miningweekly.com) – London- and Nasdaq-listed Randgold Resources has entered into an unsecured $200-million revolving credit facility with bankers HSBC, Barclays, Citibank and Standard Chartered, for “general corporate purposes”.
HSBC acted as the sole bookrunner on the facility, with the other banks acting as mandated lead arrangers.
“Funds from this corporate facility, combined with our strong operational cash flow, will enhance our ability to implement our growth initiatives in line with the company’s strategic plan,” CEO Mark Bristow said in a statement on Monday.
Randgold believed that the terms of the credit facility, which would mature in May 2016, were favourable to the company and consistent with current market conditions.
The interest rate on the credit facility was London Interbank Offered Rate plus 1.5% at the lower end of the leverage grid.
Brokers Liberum Capital said these were “attractive terms” for the miner.
“Randgold is our top pick in the gold space, particularly in the current volatile gold environment, where the company is still generating free cash yielding 5% next year at today’s spot prices,” the firm commented.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation