Business
Completion of IFC / RMB Debt
Completion of IFC / RMB Debt.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n RNS Number : 5913V Petra Diamonds Ld 04 November 2010 \n \n\n \n \n\n\n\n\nImmediate release\n\n\n4 November 2010\n\n\n\n\n \n \nPetra Diamonds Limited \n(\"Petra\" or \"the Company\" or \"the Group\")\n \nCompletion of IFC / RMB Debt Facilities\n \n \nPetra announces that financial close in relation to the IFC (a member of the World Bank Group) and Rand Merchant Bank (\"RMB\") (a division of FirstRand Bank Limited) debt facilities of approximately US$83.5 million was reached today and this transaction has now completed.\n \nThese debt facilities provide Petra with a US$40 million loan from IFC and a US$43.5 million (ZAR300 million) loan from RMB, as well as the extension of the Company's existing US$14.5 million (ZAR100 million) FirstRand Bank Limited group overdraft facility. Together with contributions from Petra's own treasury, the facilities will primarily finance the expansions of the Williamson mine in Tanzania and the Cullinan mine in South Africa. The material details of the debt facilities were set out in the Company's announcements of 2 June 2010 and 29 September 2010.\n \nThe Group will consider carefully whether it needs to take full advantage of the draw-down of these debt facilities, but to secure the financing at this time provides Petra with the scope and flexibility to bring the Company's stated production and revenue growth opportunities to account. Even if the facilities are fully drawn-down, Group debt levels will remain within comfortable levels. Petra will shortly settle the outstanding US$31 million loan due to Al Rajhi Holdings W. L. L., thereby removing this short term debt obligation from Petra's balance sheet.\n \nNotes\n1. An exchange rate of US$1:R6.90 has been used for the purposes of this announcement.\n \n \nFor further information, please contact:\n\n\n\n\nCathy Roberts\n\n\nTelephone: +44 20 7318 0452\n\n\n\n\nPetra Diamonds, London\n\n\[email protected] \n\n\n\n\n \n\n\n\n\nBobby Morse / Katharine Sutton\n\n\nTelephone: +44 20 7466 5000\n\n\n\n\nBuchanan Communications\n\n\[email protected]\[email protected]\n\n\n\n\n \n\n\n\n\nRyan Gaffney / Andrew Chubb\n\n\nTelephone: +44 20 7050 6500\n\n\n\n\nCanaccord Genuity Limited\n(NOMAD and Joint Broker)\n\n\nryan...