KAZ Minerals PLC Amendment to CDB facilities (8722A)
30 December 2014 - 6:00PM
UK Regulatory
TIDMKAZ TIDM60MV
RNS Number : 8722A
KAZ Minerals PLC
30 December 2014
30 December 2014
Amendment to CDB facilities
KAZ Minerals PLC ("KAZ Minerals" or "the Group") has signed an
amendment to its existing $2.3 billion debt facilities with China
Development Bank Corporation ("CDB") and Joint Stock Company
"Sovereign Wealth Fund "Samruk-Kazyna" ("Samruk-Kazyna") obtained
principally for the development of the Bozshakol and Bozymchak
projects. Key changes to the terms of the amended facilities are as
follows:
- The facilities will become bilateral between KAZ Minerals and the CDB
- Interest rate lowered from USD LIBOR plus 4.80% to USD LIBOR plus 4.50%
- Arrangement fee of 0.5%, 60% payable in December 2014 and 40% payable in January 2016
- Balance sheet covenants aligned with those applicable to the
$1.5 billion Aktogay CDB facilities, which include adjustments to
mitigate the translation impact of movements in the US dollar/tenge
exchange rate
As at 30 November 2014, the principal balance outstanding on the
facilities was $2,086 million. Repayment of the previous facilities
with Samruk-Kazyna and drawing of the new facilities directly from
CDB is expected to occur during Q1 2015. All other material terms
of the facilities, including the repayment schedule and final
maturity, remain unchanged.
For further information please contact:
KAZ Minerals
PLC
==================== ============================ =================
Chris Bucknall Investor Relations, Tel: +44 20 7901
London 7882
Corporate Communications, Tel: +44 20 7901
Maria Babkina London 7849
Tel: +44 20 7901
Irene Burton Financial Analyst, London 7814
Maksut Zhapabayev Corporate Communications, Tel: +7 727 244
Almaty 03 53
==================== ============================ =================
Instinctif Partners
==================== ============================ =================
Tel: +44 20 7457
David Simonson 2020
Tel: +44 20 7457
Anca Spiridon 2020
==================== ============================ =================
Hill & Knowlton
Hong Kong
====================== ========================== =================
Tel: +852 2894
K W Lam 6321
==================== ============================ =================
REGISTERED OFFICE
6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL,
United Kingdom.
NOTES TO EDITORS
KAZ Minerals PLC("KAZ Minerals") is a high growth copper company
focused on large scale, low cost, open pit mining in Kazakhstan. It
is a leading copper producer in Kazakhstan with five operating
mines and four concentrators. Total copper cathode output in 2014
from continuing operations is expected to be between 80 kt and 85
kt.
The Group has two major copper projects under construction,
Bozshakol and Aktogay, and a third, Koksay, at scoping stage. These
projects are expected to deliver one of the highest growth rates in
the industry and transform KAZ Minerals into a company dominated by
world class open pit copper mines.
KAZ Minerals PLC is listed on the London Stock Exchange, the
Kazakhstan Stock Exchange and the Hong Kong Stock Exchange.
Restated pro forma revenues from continuing operations in 2013 were
$933 million and restated EBITDA for the continuing operations in
2013 was $389 million. KAZ Minerals employs around 10,000 people,
principally in Kazakhstan.
The CDB/Samruk-Kazyna debt facilities of $2.7 billion were
secured by KAZ Minerals in December 2009 for the development of
Bozshakol, Bozymchak and other growth projects. The facilities were
fully drawn by January 2013. In January 2014, $400 million
allocated to projects that were unlikely to proceed in the medium
term was repaid early. As at 30 November 2014, the principal
balance outstanding on the facilities was $2,086 million. The
facilities have a final maturity of between 12 and 15 years from
the date of first drawing with repayments commencing three years
from the date of first drawdown.
The Aktogay CDB facilities of $1.5 billion are comprised of two
bilateral agreements with CDB signed in December 2011. The first
agreement is for up to $1.34 billion and the second agreement for
up to RMB1.0 billion (approximately $158 million at the date of
signing). Both agreements are on similar terms and conditions. The
facilities have a final maturity of 15 years from the date of first
drawing with repayments commencing three years from the date of
first drawdown. As at 30 November 2014, $1.3 billion of the Aktogay
CDB facilities remained available for drawdown.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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