Business
$15 million Syndicated 2-year 7% Loan Facility
$15 million Syndicated 2-year 7% Loan Facility.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 5145E Anglo Asian Mining PLC 12 February 2018 \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n12 February 2018\n \nAnglo Asian Mining plc\n$15 million syndicated two-year term 7 per cent. loan facility\n \nRefinancing of the majority of existing debts at favourable interest rates releasing $8.4 million of capital to accelerate 2018 expansion and optimisation plans\n \nAnglo Asian Mining plc (\"Anglo Asian\" or the \"Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that a subsidiary of the Group, Azerbaijan International Mining Company Limited, has entered into a syndicated, two-year term loan facility with Pasha Bank OJSC Azerbaijan (\"Pasha Bank\") as arranger for up to $15 million at a 7 per cent. fixed interest rate per annum to refinance the majority of its existing loans (the \"Facility\"). The Facility will immediately improve the Group's financial performance in addition to providing operational flexibility.\n \nNote that all references to \"$\" are to United States dollars.\n \nOverview\n \n· Two-year term loan facility for up to $15 million at 7 per cent. per annum fixed interest rate\n· The Facility is unsecured and there are no financial covenants\n· A total of $13.5 million of the Facility will be utilised to repay existing loans to Amsterdam Trade Bank N. V., Gazprombank (Switzerland) Ltd., Reza Vaziri (Anglo Asian CEO) and Yapi Credit Bank\n· Following the refinancing, debt principal repayment in 2018 will be reduced to $5.1 million - releasing capital of $8.4 million to support expansion and optimisation initiatives at the Gedabek gold, copper and silver project (\"Gedabek\")\n· The Facility will save approximately $0.1 million in interest in 2018\n· Interest rate on loans totalling $2.1 million with the International Bank of Azerbaijan (which will not be refinanced) reduced from 12 per cent. to 7 per cent.\n \nAnglo Asian CEO Reza Vaziri commented, \"This comprehensive refinancing package will replace the majority of our existing debt and have a two-fold positive impact for Anglo Asian. Firstly, this will enhance our overall financial performance by loweri...