Update on CuDeco Loan Facilities and Repayment of Debt
CuDeco Limited (ASX: CDU) (“CuDeco”) is pleased to advise that the following transactions and agreements have now been actioned:
1. CuDeco has received US$20 million from Mitsui & Co., Ltd in accordance with the Copper Concentrate Sales Agreement announced on 26 September 2017;
2. CuDeco has today repaid US$15 million to China Minsheng Banking Corporation Limited being the repayment due on 30 September 2017; and
3. CuDeco has today secured an extension of the HK$80 million (approx. A$13m) which is due for repayment on 30 September 2017. The extension has been granted until 31 October 2017, to allow CuDeco time to progress its negotiations for a longer term restructured complete financing facility.
Following the above transactions and grant of extension, CuDeco has the following loan facilities in place:
(a) China Minsheng Banking Corporation Limited – US$15m (approx. A$19.1m) due for repayment on 31 December 2017. This is the total amount currently owing on this facility.
(b) Short Term Loan Facility (as extended today) – HK$80m (approx. A$13m) due for repayment on 31 October 2017.
(c) Secured Term Loan Facility Agreement – HK$40m (approx. A$6.5m) due for repayment on 10 January 2018.
(d) Loan from Sinosteel Equipment & Engineering Co. Ltd totaling AU$27.5m repayable by 31 December 2018 under a formal Deed of Remediation dated 24 March 2017.
In addition to the above loan facilities, CuDeco has a AU$22m Convertible Note facility with Gemstone 101 Ltd which is repayable or convertible by 21 April 2019.
CuDeco continues to progress negotiations with a number of parties to secure a longer term restructured complete financing facility.
On behalf of the Board
ENDS
CDU Price at posting:
37.0¢ Sentiment: None Disclosure: Not Held
