Western Areas secures A$125m loan facility
PERTH (miningweekly.com) – Nickel miner Western Areas on Friday told shareholders that it had executed a A$125-million revised loan facility that both extended and enlarged its existing loan facility with financial services provider ANZ.
The loan facility would be extended to at least March 2016.
“The revised facility will add significant flexibility to the Western Areas balance sheet and give the company access to a committed line of finance to act on opportunities as they present themselves,” said MD Dan Lougher.
“Most importantly, it eliminates any perceived refinance risk that relates to the July 2014 maturity of the second tranche of convertible bonds.”
Lougher said that the capital management strategy adopted by Western Areas was entirely consistent with the company’s previous practice, including a convertible bond in July, which was backstopped by an ANZ facility, but was ultimately retired from free cash-flow generation.
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