|By Marketwired .||
|July 23, 2014 06:53 AM EDT||
PERTH, WESTERN AUSTRALIA -- (Marketwired) -- 07/23/14 -- Paladin Energy Ltd (TSX: PDN)(ASX: PDN) ("Paladin" or the "Company") is pleased to advise it has entered into agreements with its existing lenders to refinance the Langer Heinrich (LH) project finance facility. The facility was drawndown in conjunction with financial close of the LH minority sale.
Paladin has refinanced the existing US$110M project finance facility and US$20M working capital facility into a new US$70M syndicated loan facility. Proceeds from the LH minority sale were utilised to prepay US$30.83M of the existing facility, taking the outstanding balance to US$70M.
This new facility will provide significant cash flow benefits and further strengthens Paladin's financial position. As shown below, the annual principal repayments will reduce by US$32.4M over the first 3.5 years of the facility, from US$18.33M pa to US$9.09M pa with the first repayment of US$4.55M not due until December 2014.
To view the figure accompanying this press release, please visit the following link:
The Borrower of the new facility remains Paladin Finance Pty Ltd (PFPL). The new facility is security light with Langer Heinrich Mauritius Holdings Limited and Langer Heinrich Uranium Pty Ltd providing no guarantees or security over the project assets. The facility will also have a financial covenant holiday for the first four 6-monthly calculations periods commencing 31 December 2014.
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: "Once again, Paladin has been able to refinance the facility in a tough uranium price environment whilst significantly reducing the security requirements and medium term principal repayments. Paladin continues to focus on ways to reduce the Company's overall debt levels and this represents another step in this process."
ACN 061 681 098
May. 4, 2016 05:15 PM EDT Reads: 329
May. 4, 2016 05:00 PM EDT Reads: 1,304
May. 4, 2016 04:30 PM EDT Reads: 816
May. 4, 2016 03:30 PM EDT Reads: 607
May. 4, 2016 03:00 PM EDT Reads: 1,044
May. 4, 2016 03:00 PM EDT Reads: 1,162
May. 4, 2016 02:00 PM EDT Reads: 1,272
May. 4, 2016 02:00 PM EDT Reads: 1,213
May. 4, 2016 01:45 PM EDT Reads: 1,107
May. 4, 2016 01:45 PM EDT Reads: 1,329
May. 4, 2016 01:00 PM EDT Reads: 1,423
May. 4, 2016 12:45 PM EDT Reads: 904
May. 4, 2016 12:45 PM EDT Reads: 1,257
May. 4, 2016 12:45 PM EDT Reads: 599
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...
May. 4, 2016 12:30 PM EDT Reads: 1,077