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Barclays unit extends Kenmare loans

Monday, December 16 16:05:46

Irish mining and exploration company Kenmare Resources today said that Absa Bank Ltd., a member of Barclays, has extended its USD20m loan facility to the end of March 2015.

In its announcements made in October of this year, Kenmare said it intended to apply part of the placing proceeds against a $40 million corporate loan facility from Absa and that it was in talks with Absa on an extension of $20 million of this loan facility to March 2015.

“As a consequence of an amendment to the loan facility effective today, Absa has extended $20 million of the facility to March 31, 2015. The company said $20 million was repaid in November, as planned. The amended $20 million facility permits for amounts drawn under it to be repaid and redrawn prior to the maturity date,” Kenmare added.

In Dublin, Davy analysts said the Absa loan extension to March 2015 provides a useful degree of working capital flexibility. Absa loan facility amended The $40m corporate loan facility from Absa, a member of the Barclays Group, was entered into in February 2013 and was due to mature in March 2014. Following the funding exercise in October, a $20m tranche was repaid. The amended agreement allows the remaining $20m to be repaid in March 2015 rather than refinanced or repaid by March of next year. The benefit of this is that it allows an added degree of financing flexibility during a period (2014) when product pricing is expected to recover but with detailed timing still uncertain,” the brokers said.