Weatherly reschedules repayment due to Orion Mine Finance
JOHANNESBURG (miningweekly.com) – Copper miner Weatherly International has entered into a further amendment and restatement agreement in relation to its existing facility with finance solution provider Orion Mine Finance.
The first repayment of Facility B, previously due on March 31, is now due on June 30, and payable quarterly until December 31, 2019 with a final payment due on February 28, 2020.
Facility B is repayable in eight equal repayments of capital and accrued interest of $14.1-million.
Repayment of capital and accrued interest of $11-million under Facilities C and D of the amended facility has been deferred until June 30 this year.
Orion has agreed, effective until June 30, to limit its acceleration and enforcement rights on the terms set out in the amended facility.
In addition, the amendment and restatement agreement introduces a new clause that gives Orion approval rights on expenditure outside of the board's comprehensive agreed budget and includes several amendments to existing clauses that, over time, will result in the company having reduced flexibility on cash generated from copper sold to Orion, the company's sole customer, through a cash sweep mechanism and tightened offtake credit arrangements.
As previously advised on April 28, 2017, as a loan rescheduling fee, Orion has the right (but not the obligation) to buy, if available, up to 700 t of unhedged cathode each month from Weatherly until April 30 at a price of $6 000/t.
However, Orion can only exercise its option to the extent of unhedged tonnes produced in the month. So far this financial year, Orion has not elected to exercise the option.
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