Paladin Energy Ltd outlines new financing facility for Langer Heinrich Mine

Ltd () has this morning advised details of a new financing facility.

Matthew Woods, Hayden White and Gayle Dickerson from KPMG, in their capacity as administrators of Paladin Energy Limited, Paladin Finance Pty Ltd and Paladin Energy Minerals NL entered into agreements with AG, London Branch to:

– Fund working capital for the Langer Heinrich Mine;

– Refinance the Nedbank Revolving Credit Facility; and

– Meet the general corporate purposes of the Paladin group.

Under the agreements Deutsche Bank will acquire the existing Nedbank Revolving Credit Facility and increase the size of the facility from US$20 million to US$60 million.

Under the terms of the facility:

– Langer Heinrich Uranium (Pty) Limited (Langer Heinrich) may draw down up to US$45 million for its working capital (including the US$20 million already drawn); and

– Paladin Finance and Paladin Energy may draw down up to US$15 million.

Paladin Finance and Paladin Energy are jointly and severally liable for the entire facility and Langer Heinrich is only liable for the amounts it draws.

The entire facility is guaranteed by Paladin, Paladin Finance and Paladin Energy.

The term of the Deutsche Bank Facility is 12 months.

Additional security has been given to that provided under the Nedbank Revolving Credit Facility.

On 13 July 2017, the Federal Court made orders that the administrators were justified to take steps to cause Paladin, Paladin Finance and Paladin Energy to enter into the Deutsche Bank Facility.

The Federal Court also made orders to limit the personal liability of the administrators in respect of the Deutsche Bank Facility and certain ancillary matters.

Leave a Reply

Your email address will not be published.

17 + two =