KAZ Minerals PLC (United Kingdom) signs revolving credit line agreement with Caterpillar Financial Services for USD50 mln
17.08.15 17:36
/KASE, August 17, 15/ – KAZ Minerals PLC (London), whose shares are
officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with
the following press release of August 14, 2015:
quote
... signing of a revolving credit line agreement for USD50 mln with Caterpillar
Financial Services (UK) Limited ("Cat Financial"), a division of Caterpillar
Inc. – the main supplier of mining equipment for the Group's growth projects –
Bozshakol and Aktogay.
The credit line availability period – three years starting on the date of
signing the agreement, upon maturity of which the loan is to be repaid in four
equal quarterly installments. The interest rate at 4.25% above LIBOR rate in US
dollars will be applied to the actual amount of the credit line disbursed. The
financial covenants are similar to those effective with regards to the existing
pre-export credit line from a syndicate of banks.
The Chief Financial Officer of KAZ Minerals Group, Andrew Southam, has
provided his comments: "The new credit line from Cat Financial provides KAZ
Minerals additional liquidity needed for the construction and deployment of our
new businesses in full capacity while expanding the Group's loan portfolio."
unquote
[2015-08-17]