Metals Exploration PLC Rescheduled Facility Agreement (2348S)
19 December 2016 - 9:48PM
UK Regulatory
TIDMMTL
RNS Number : 2348S
Metals Exploration PLC
19 December 2016
19 December 2016
METALS EXPLORATION PLC
Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the
"Company"), the natural resources exploration and development
company with assets in the Pacific Rim region.
Rescheduled Facility Agreement
Metals Exploration, through its Philippine subsidiary company
FCF Minerals Corporation ("FCF") advises that it has agreed the
reschedule of the Runruno Facility Agreement as amended with its
lenders, The Hongkong and Shanghai Banking Corporation Limited and
BNP Paribas.
The amended commercial terms applying to the rescheduled loan
amount of US $81m are as follows:
-- pre Project Completion(1) the interest rate on the facility
is US 6 months' LIBOR plus a 5.75% margin ,
-- post Project Completion the margin reduces to 4.75%,
-- a quarterly capital repayment profile has been agreed wherein
the tenor is extended to 31 December 2019
Repayment Principal
Date Amount
----------- -------------
31 Mar
17 ($4,240,000)
----------- -------------
30 Jun
17 ($6,480,000)
----------- -------------
30 Sep
17 ($6,480,000)
----------- -------------
31 Dec
17 ($6,480,000)
----------- -------------
31 Mar
18 ($6,480,000)
----------- -------------
30 Jun
18 ($7,290,000)
----------- -------------
30 Sep
18 ($7,290,000)
----------- -------------
31 Dec
18 ($8,100,000)
----------- -------------
31 Mar
19 ($8,100,000)
----------- -------------
30 Jun
19 ($8,100,000)
----------- -------------
30 Sep
19 ($8,100,000)
----------- -------------
31 Dec
19 ($3,860,000)
----------- -------------
-- the facility includes an accelerated cash sweep repayment of 35% of available free cash,
-- an arrangement fee of 1.25% (US $1,012,500) is payable in
four quarterly instalments to the lenders to secure the terms of
the rescheduled facility,
-- at the election of the Lenders, mandatory hedging of 35% of
forecast annual gold production during the revised term of the
facility must be established. Currently the Company has sufficient
hedging in place until September 2018. No additional forward gold
sale contracts have been requested to be entered into at this
juncture.
(1) Project Completion occurs following the successful
application of a 90 day physical and financial performance testing
regime during which design throughput, recovery and operating costs
are demonstrated. Typically the testing will be initiated by the
Company once the plant ramp-up is complete and following a period
of stable operations.
For further information please visit or contact
www.metalsexploration.com
+63 (0)
9189 795 Nominated Adviser: STOCKDALE
Ian R. Holzberger 992 SECURITIES Ltd
+61 (0) +44 (0)
418 886 Robert Finlay, Edward 207 601
(Chairman) 165 Thomas 6100
+61 (0)
Liam A. 498 648
Ruddy 615
+44 (0)
(Company 7911 719 Public Relations:
Secretary) 960 TAVISTOCK
+44 (0)
Barnaby Hayward; 207 920
Jos Simson 3150
-------------------- -----------
Broker: SP ANGEL CORPORATE
FINANCE LLP
+44 (0)
203 470
Ewan Leggat; 0470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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