Petra extends refinance agreement deadline with lender to Sept 29
London-listed Petra Diamonds has advised that another extension is required to finalise terms of a commitment agreement with a senior secured bank lender in respect of a refinancing endeavour.
The deadline for Petra to enter into a commitment letter with the bank under terms of a lock-up agreement was previously extended from September 10 to September 24; however, full agreement on terms have not been reached.
Petra is confident that the discussions between the parties have been positive and that an agreement on all terms will soon be reached.
A revised deadline for entering into a commitment letter with the bank has, therefore, been set for September 29.
The company does not expect this additional extension to affect either the timeline for the publication of a prospectus and shareholder circular in respect of a rights issue or the completion of the refinancing, which are both expected to occur in the fourth quarter of the year.
Petra has been focused on internal restructuring efforts over the past 18 months to achieve a more streamlined business model, including a proposed refinancing of the group’s senior secured bank debt facilities and 9.75% senior secured second lien notes.
The debt facilities are currently due to mature in January 2026, while the notes are due to mature in March 2026.
The nonbinding term sheet with the senior secured bank lender in respect of the company’s R1.75-billion revolving credit facility so far stipulates a new maturity date of December 2029 and a reduction of the facility to R1-billion by June 2029.
The refinancing with the lender will include a revised margin, an updated financial covenant package and updated cash flow protocols and basket limits.
In turn, Petra aims to have the notes refinanced with a maturity date of March 2030, with the company having executed a lock-up agreement with a working group of holders of the notes.
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