Tharisa PLC on Monday said it concluded a $130 million debt facility with Societe Generale SA and Absa Bank Ltd as part of its debt capital programme.
The Cyprus-headquartered platinum miner said the facility is subject to the fulfilment of some conditions, but it did not say what these are.
Spanning a 42-month tenure, the debt facility is part of Tharisa’s funding strategy of investing in its assets while maintaining a sustainable dividend, it said.
The facility comprises a term loan of $80 million and a $50 million revolving credit facility, secured by commodity offtake agreements.
This capital raise follows the successful issue of a three-year $32 million bond listed on the Victoria Falls Stock Exchange in December last year, Tharisa noted.
‘The Societe Generale and Absa senior debt facilities, as well as the significant free cash flow generated from the Tharisa mine, provide significant flexibility to Tharisa’s capital allocation policy,’ Chief Executive Michael Jones said.
As at December 31, Tharisa had a cash balance of $213.9 million and debt of $112.8 million for a net cash position of $101.1 million.
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