Welcome!

News Feed Item

Paladin Energy Ltd: Successful Refinancing of Langer Heinrich and Kayelekera Facilities

- The project finance facilities have been refinanced.

PERTH, WESTERN AUSTRALIA -- (Marketwired) -- 01/17/14 -- Paladin Energy Ltd (TSX:PDN)(ASX:PDN) ("Paladin" or the "Company") is pleased to advise it has entered into agreements with its lenders to refinance the Langer Heinrich (LH) and the Kayelekera project finance facilities.

This new facility will provide significant cash flow benefits to both projects and leaves Paladin in a much stronger financial position. As shown below, the annual principal repayments across both projects will be reduced from US$53.8M per annum to US$18.3M per annum in calendar year 2014, a substantial reduction of US$35.5M, with the first repayment not due until June 2014.

In calendar year 2015, annual principal repayments under the existing facilities compared to the new facility will be reduced by a further US$23.7M.

To view the graph accompanying this press release, click on the following link: http://media3.marketwire.com/docs/P117g3.jpg

The key terms of the new LH project finance facility are as follows:


----------------------------------------------------------------------------
Facility       Term Loan                           Working Capital Facility 
----------------------------------------------------------------------------
Amount         US$110M                             US$20M                   
----------------------------------------------------------------------------
Borrower       Paladin Finance Pty Ltd             Langer Heinrich Uranium  
                                                   (Pty) Limited            
----------------------------------------------------------------------------
Term           6 years (maturing 31 December 2019) Renewable annually for 12
                                                   months                   
----------------------------------------------------------------------------
Amortisation   12 equal instalments of US$9.2M                              
               starting 30 June 2014                                        
----------------------------------------------------------------------------
Security       The existing security arrangements for Langer Heinrich remain
               in place                                                     
----------------------------------------------------------------------------

The terms and conditions of the new LH facility are largely the same as for the existing project finance agreement except for an increased amount, extension of term and a reduction in principal repayments from US$23.8M per annum to US$18.3M per annum. In addition, Paladin has secured a US$20M working capital facility to provide additional financial flexibility.

The Kayelekera project finance facility (currently US$48.1M) will be repaid in full immediately, however, the facility and existing security arrangements will remain in place to support the US$10M Performance Bond.

Overall, this rationalisation in the project financing reduces the Company's debt position and provides the benefit of substantially reduced repayments over the next three years, conserving operational cash flow.

The new facility is provided by Nedbank Capital, a division of Nedbank Limited, Nedbank Namibia Limited, the Standard Bank of South Africa Limited and Standard Bank Namibia Limited. Both banks have been involved with Paladin since the first LH project finance facility was established in 2006.

Paladin Managing Director and CEO John Borshoff said: "This successful refinancing is another important step in Paladin's rigourous assessment of options to strengthen the business, both operationally and at a corporate level. Completing the refinancing during this period of depressed uranium prices and difficult market conditions is testament to the operational capability and financial robustness of Langer Heinrich. The project has continued to deliver superior production results at the same time as ongoing optimisation work has continued to reduce production costs. The existing Bank Syndicate has continued to demonstrate strong support for Paladin since commencement of these facilities. I would personally like to thank both Nedbank and Standard Bank for the commitment they have shown to the Company and their understanding of the uranium industry."

ACN 061 681 098

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.