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.
Research Reports
Projects
Latest Multimedia
Showroom
Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...
VISIT SHOWROOM
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
