LONDON--Archipelago Resources PLC (AR.LN), an Indonesia-focused
gold miner, Tuesday said it has signed a new corporate financing
facility to provide up to $160 million in funding, which will be
used to refinance existing debt and for general corporate
purposes.
MAIN FACTS:
-Archipelago subsidiaries have entered into a new corporate
financing agreement with Standard Chartered PLC (STAN.LN) and PT
Bank Permata TBK.
-Under the Facility Agreement, Archipelago can make initial
drawdowns totaling up to $100 million.
-Thereafter and subject to obtaining necessary approvals,
Archipelago can also exercise an option to drawdown a further $60
million.
-Under the Facility Agreement, Archipelago will make an initial
drawdown to refinance existing indebtedness of $43.5 million owed
to Permata and Standard Bank.
-Funds can also be drawn for general corporate purposes should
Archipelago wish to make further borrowings in the future.
-This funding will provide Archipelago with greater financing
flexibility to support growth initiatives and strategies as these
evolve (either organic or corporate in nature).
-The funding supports Archipelago's already strong balance sheet
(with reported cash and cash equivalents of $51 million and gearing
of 5% as of Dec. 31, 2012).
-Shares at 0817 GMT flat at 52.0 pence.
-Write to Iain Packham at iain.packham@dowjones.com
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