Petra Diamonds Limited Approval of increase in Revolving Credit Facility (1061W)
December 08 2023 - 1:00AM
UK Regulatory
TIDMPDL
RNS Number : 1061W
Petra Diamonds Limited
08 December 2023
08 December 2023 LSE: PDL
Petra Diamonds Limited
("Petra" or the "Company")
Approval of increase in Petra's First Lien Revolving Credit
Facility to c. US$93m
As previously announced, the Company has been in discussions
with Absa Bank to increase its commitments under the ZAR1 billion
(c. US$53 million) First Lien Revolving Credit Facility ("1L RCF")
by up to ZAR750 million (c. US$40 million).
Petra is pleased to announce that Absa Bank has approved the
increase of ZAR750 million, bringing the total commitments under
the facility to ZAR1.75 billion (c. US$93 million). This increase
is subject to completion of an amendment to the existing facility
agreement but the existing covenants, margin, fees, and maturity
date will remain unchanged. A total of ZAR850 million (US$45
million) is currently drawn leaving a balance of ZAR900 million
(US$48 million) that will be available under the upsized
facility.
Richard Duffy, Chief Executive Officer of Petra, commented:
"Securing this increased facility, coupled with the recently
announced capital deferrals and cost optimisation, further improves
our resilience and operational and sales flexibility in the event
of a weaker-for-longer diamond market."
The details of the 1L RCF can be found on our website,
https://www.petradiamonds.com/investors/fixed-income-centre/debt-facilities/
Ends
For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Patrick Pittaway investorrelations@petradiamonds.com
Julia Stone
Kelsey Traynor
Camarco (Financial PR)
Gordon Poole Telephone: +44 20 3757 4980
Owen Roberts petradiamonds@camarco.co.uk
Elfie Kent
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and
a supplier of gem quality rough diamonds to the international
market. The Company's portfolio incorporates interests in three
underground mines in South Africa (Finsch, Cullinan Mine and
Koffiefontein) and one open pit mine in Tanzania (Williamson). The
Koffiefontein mine is currently on care and maintenance in
preparation of closure.
Petra's strategy is to focus on value rather than volume
production by optimising recoveries from its high-quality asset
base in order to maximise their efficiency and profitability. The
Group has a significant resource base which supports the potential
for long-life operations.
Petra strives to conduct all operations according to the highest
ethical standards and only operates in countries which are members
of the Kimberley Process. The Group aims to generate tangible value
for each of its stakeholders, thereby contributing to the
socio-economic development of its host countries and supporting
long-term sustainable operations to the benefit of its employees,
partners and communities.
Petra is quoted with a premium listing on the Main Market of the
London Stock Exchange under the ticker 'PDL'. The Group's loan
notes, due in 2026, are listed on the Irish Stock Exchange and
admitted to trading on the Global Exchange Market. For more
information, visit www.petradiamonds.com .
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