Senior debt facility of up to ZAR 902.5 million (~USD 50 million) secured through credit approved term sheet with the Industrial Development Corporation of South Africa and Absa Bank Limited.
I am not sure where the 90 million funding talks came out?
Upto USD 50 Million: Thats the maximum from the idc and Absa. Could be less needed. Funding package is a bit complex, there will be some bank conditions in regards to cost overruns and limited hedge requirements. Actual funding figures will come out on signing the deal. Interest should be included in the 50 million: interest during the 2 years of Drawdown period and interest on full debt for 3 years after the draw down period. Variable interest rate linked to Johannesburg interbank average rate, which is currently 7.36% Based on the above total principal should be be 30-37 million (including extra bank contingencies conditions).
45% funding somewhere 24-28 million (No interest calculated as we don't know the terms)
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