JOHANNESBURG (miningweekly.com) – Kazakhstan copper miner KazMinerals has refinanced its pre-export loan and increased the facility commitments to $600-million, the company reported on Friday.
The new facility extends the maturity profile of London-, Kazakhstan- and Hong Kong-listed KazMinerals’ existing facility from December 2018 to June 2021.
Under the revised repayment profile, principal repayments will start in July 2018 and continue in equal monthly instalments over a three-year period until final maturity.
The new commitments would enhance the company’s financial flexibility during the ramp up of output from its new Bozshakol and Aktogay mines, CFO Andrew Southam said in a statement.
He added the amendment and extension of the facility with an enlarged syndicate of 12 banks demonstrated continued support for the group from its lenders. Southam noted that all existing banks maintained or increased their participation and that four new banks had joined the syndicate.
The refinancing was coordinated by Deutsche Bank, ING Bank and Société Générale Corporate and Investment Banking acting as coordinating mandated lead arrangers and bookrunners. Other lenders in the facility are ABN AMRO Bank, Bank of China, Citibank, Crédit Agricole Corporate and Investment Bank, ICBC London, JP Morgan Chase Bank., Natixis, Rabobank London and UniCredit. Deutsche Bank AG continues as the agent bank and ING Bank is the security trustee.