REG - Petra Diamonds Ltd - Approval of increase in Revolving Credit Facility

Petra DiamondsAnnouncement

08/12/2023 07:00

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RNS Number : 1061W  Petra Diamonds Limited  08 December 2023

 08 December 2023    LSE: PDL

Petra Diamonds Limited

("Petra" or the "Company")

Approval of increase in Petra's First Lien Revolving Credit Facility to c.
US$93m

As previously announced, the Company has been in discussions with Absa Bank to
increase its commitments under the ZAR1 billion (c. US$53 million) First Lien
Revolving Credit Facility ("1L RCF") by up to ZAR750 million (c. US$40
million).

Petra is pleased to announce that Absa Bank has approved the increase of
ZAR750 million, bringing the total commitments under the facility to ZAR1.75
billion (c. US$93 million). This increase is subject to completion of an
amendment to the existing facility agreement but the existing covenants,
margin, fees, and maturity date will remain unchanged. A total of ZAR850
million (US$45 million) is currently drawn leaving a balance of ZAR900 million
(US$48 million) that will be available under the upsized facility.

Richard Duffy, Chief Executive Officer of Petra, commented:

"Securing this increased facility, coupled with the recently announced capital
deferrals and cost optimisation, further improves our resilience and
operational and sales flexibility in the event of a weaker-for-longer diamond
market."

The details of the 1L RCF can be found on our website,
https://www.petradiamonds.com/investors/fixed-income-centre/debt-facilities/

 

~ Ends ~

 

For further information, please contact:

 

Petra Diamonds,
London
Telephone: +44 20 7494 8203

Patrick Pittaway
                   investorrelations@petradiamonds.com
(mailto:investorrelations@petradiamonds.com)

Julia Stone

Kelsey Traynor

 

Camarco (Financial PR)

Gordon
Poole
Telephone: +44 20 3757 4980

Owen
Roberts
petradiamonds@camarco.co.uk (mailto:petradiamonds@camarco.co.uk)

Elfie
Kent

 

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a supplier of
gem quality rough diamonds to the international market. The Company's
portfolio incorporates interests in three underground mines in South
Africa (Finsch, Cullinan Mine and Koffiefontein) and one open pit mine
in Tanzania (Williamson). The Koffiefontein mine is currently on care and
maintenance in preparation of closure.

Petra's strategy is to focus on value rather than volume production by
optimising recoveries from its high-quality asset base in order to maximise
their efficiency and profitability. The Group has a significant resource base
which supports the potential for long-life operations.

Petra strives to conduct all operations according to the highest ethical
standards and only operates in countries which are members of the Kimberley
Process. The Group aims to generate tangible value for each of its
stakeholders, thereby contributing to the socio-economic development of its
host countries and supporting long-term sustainable operations to the benefit
of its employees, partners and communities.

Petra is quoted with a premium listing on the Main Market of the London Stock
Exchange under the ticker 'PDL'. The Group's loan notes, due in 2026, are
listed on the Irish Stock Exchange and admitted to trading on the Global
Exchange Market. For more information, visit www.petradiamonds.com
(http://www.petradiamonds.com/) .

 

 

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