Approval of increase in Revolving Credit Facility

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/

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For further information, please contact:

Petra Diamonds, London                                             Telephone: [phone]

Patrick Pittaway                                                             [e-mail]

Julia Stone

Kelsey Traynor

Camarco (Financial PR)

Gordon Poole                                                               Telephone: [phone]

Owen Roberts                                                               [e-mail]

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.

 

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