Saracen secures A$150m in financing
PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has secured A$150-million in financing with an international banking syndicate, positioning the ASX-listed firm for future growth.
Saracen told shareholders on Friday that the facility included an initial A$45-million loan facility, a A$5-million bank guarantee and a gold hedging facility. The facility was for an initial three-year term and included an ‘evergreen’ arrangement with a yearly review date whereby the term can be extended for an additional year each year, to maintain a three-year tenure.
The facility also features an accordion provision, under which Saracen can request up to an additional A$105-million capacity under the corporate loan, bringing the total loan to A$150-million, with the approval of the syndicate members.
The accordion provides flexibility to access additional funding for future growth activities, without the carrying cost of paying undrawn commitment fees, said Saracen MD Raleigh Finlayson.
“The funds from the facility, combined with current cash on hand and internal cash generation, will be available to fund future growth opportunities as they arise,” he added.
Furthermore, existing hedging will be novated across to the new syndicate on a proportional basis, and will be on similar prices and delivery schedule to the current hedge programme.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















