Perseus Upsizes Corporate Debt Facility to US$300 million
April 02 2023 - 6:40PM
PERSEUS REFINANCES AND
UPSIZES DEBT FACILITY TO US$300
MILLION
Perth, Western Australia/April
3, 2023/African focused gold
producer Perseus Mining Limited (ASX/TSX:PRU) is pleased to
announce it has refinanced its existing syndicated debt facility to
a US$300 million revolving corporate facility.
HIGHLIGHTS
-
Perseus signs a US$300 million syndicated revolving
corporate facility, replacing the
existing US$150 million
facility1
-
Based on its 31 December 2022 Net Cash Position of US$405
million2,1, the
refinanced facility provides Perseus with more than US$705 million
of available liquidity with a three-year tenure to 31 March
2026
-
Perseus expects a Final Investment Decision on its
development of the Meyas Sand Gold Project in Sudan in
CY2023.
The increased facility is available for general
corporate purposes, subject to the satisfaction of certain
customary conditions, and combined with Perseus’s 31 December 2022
net cash position of US$405 million, it provides the Company with
more than US$705 million of available liquidity.
The upsized banking consortium consists of six
international banks comprising Macquarie Bank Limited from
Australia; Nedbank Limited (acting through its Nedbank Corporate
and Investment Banking Division); Absa Bank (Mauritius) Limited;
Citibank, N.A., Sydney Branch; FirstRand Bank Limited (acting
through its Rand Merchant Bank Division); and Standard Bank of
South Africa Limited (Isle of Man Branch).
Perseus was advised by ICA Partners Pty Limited
and Minter Ellison.
Perseus’ Managing Director and CEO Jeff
Quartermaine said: “Perseus is very pleased to continue to
receive the strong support of a very high-quality group of
international lenders at a time of significant uncertainty in
global financial markets. This support is regarded as a major
endorsement of the underlying quality of our assets and future
cashflows.
In recent years, Perseus has successfully
transformed its business to become a mid-tier, multi-mine,
multi-jurisdictional producer of more than 500,000 ounces of gold
per year. With the increased liquidity provided by our upsized debt
facility, we are able to continue to strongly pursue our ongoing
growth strategy that involves a balanced combination of organic and
inorganic growth activities. In this regard, Perseus expects a
Final Investment Decision later this year in relation to the fully
funded development of our Meyas Sand Gold Project in northern
Sudan.”
Terms of the facility are typical of a corporate line of credit
of this type and quantum. Interest is payable on the loan at
Secured Overnight Financing Rate (SOFR) plus a competitive credit
margin. The tenure of the refinanced debt facility is three years
to 31 March 2026.
This announcement was approved
for release by Jeff Quartermaine, Managing
Director and CEO.
CAUTION REGARDING FORWARD LOOKING
INFORMATION:
This report contains forward-looking information
which is based on the assumptions, estimates, analysis and opinions
of management made in light of its experience and its perception of
trends, current conditions and expected developments, as well as
other factors that management of the Company believes to be
relevant and reasonable in the circumstances at the date that such
statements are made, but which may prove to be incorrect.
Assumptions have been made by the Company regarding, among other
things: the price of gold, continuing commercial production at the
Yaouré Gold Mine, Edikan Gold Mine and Sissingué Gold Mine without
any major disruption due to the COVID-19 pandemic or otherwise, the
receipt of required governmental approvals, the accuracy of capital
and operating cost estimates, the ability of the Company to operate
in a safe, efficient and effective manner and the ability of the
Company to obtain financing as and when required and on reasonable
terms. Readers are cautioned that the foregoing list is not
exhaustive of all factors and assumptions which may have been used
by the Company. Although management believes that the assumptions
made by the Company and the expectations represented by such
information are reasonable, there can be no assurance that the
forward-looking information will prove to be accurate.
Forward-looking information involves known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any anticipated future results,
performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others,
the actual market price of gold, the actual results of current
exploration, the actual results of future exploration, changes in
project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed documents.
The Company believes that the assumptions and expectations
reflected in the forward-looking information are reasonable.
Assumptions have been made regarding, among other things, the
Company’s ability to carry on its exploration and development
activities, the timely receipt of required approvals, the price of
gold, the ability of the Company to operate in a safe, efficient
and effective manner and the ability of the Company to obtain
financing as and when required and on reasonable terms. Readers
should not place undue reliance on forward-looking information.
Perseus does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
ASX/TSXU CODE: PRUCAPITAL
STRUCTURE:Ordinary shares: 1,367,879,570Performance
rights: 12,124,393REGISTERED OFFICE:Level 2437
Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 1700Email:
IR@perseusmining.comwww.perseusmining.com |
CONTACTS:Jeff
QuartermaineManaging Director &
CEOjeff.quartermaine@perseusmining.comNathan
RyanCorporate Relations+61 4 20 582
887nathan.ryan@nwrcommunications.com.au |
1 Perseus entered into and fully drew down a US$150 million
revolving corporate cash advance facility provided by a consortium
of three international banks in FY2019, however this facility had a
nil remaining balance owing at the time of signing the US$300
million refinance (31 March 23) after Perseus repaid US$50 million
during 1H FY23. Perseus retained the option to drawdown on the
facility, up to a value of US$100.0 million, reducing by US$50.0
million at 30 June 2023 and a further US$50.0 at 31 December 20232
Cash and Bullion of US$405 million as reported in the Interim
Financial Report for the Half Year ended 31 December 2022
Perseus Mining (TSX:PRU)
Historical Stock Chart
From Jul 2024 to Aug 2024
Perseus Mining (TSX:PRU)
Historical Stock Chart
From Aug 2023 to Aug 2024