JOHANNESBURG (miningweekly.com) – A £6-million term loan facility has been completed between UK mining company Bisichi Mining and UK banking group Santander to further finance the miner's projects.
The Aim-listed company, which owns the Black Wattle colliery near Middelburg, in Mpumalanga, said the new loan replaced a previous £5-million term facility and overdraft held with Royal Bank of Scotland.
Bisichi MD Andrew Heller commented that the company was pleased to have completed the refinancing of its UK banking facilities with Santander and looked forward to their long-term relationship.
The debt-package was secured against the company's UK retail property portfolio and had a five-year term, at the end of which it was repayable.
The interest cost of the loan was 2.35% above London Interbank Offered Rates and the company was required to enter into hedging arrangements for no less than 33% of the loan.