Northam receives ratings upgrade from GCR, extends loan maturities
Credit ratings agency Global Credit Rating (GCR) Company has upgraded JSE-listed Northam Platinum’s national scale long-term credit rating to A+ from A, and reaffirmed its short-term credit rating at A1, with a stable outlook.
GCR attributes the upgraded rating to its enhanced liquidity position and significant financial flexibility, as well as the expectation that the group will continue delivering strong operational performances in various price scenarios.
The agency states that Northam continues to sustain high profitability levels, which stem from ongoing ramp-ups in production and high-quality, competitive cost assets.
Meanwhile, Northam has announced that it has concluded agreements for its five-year R4-billion revolving credit facility, maturing in September 2024, to be refinanced and increased on more favourable terms.
The new five-year R5.7-billion facility will mature in August 2027.
Additionally, the company has settled a R3-billion bridge facility, which would have matured in December, as well as secured a new five-year term loan facility of R2.4-billion, which also matures in August 2027.
The facilities, together with Northam’s existing R1-billion general banking facilities, puts the company’s available banking facilities at R9.15-billion.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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