"Facility Amount US$138m (Sequoia US$39m, CEFC US$39m, Taurus US$35m, CBA US$25m) Tenor 4 Years (30 September 2024) Availability Period Financial close until 30 June 2021 Interest rate 9% per annum payable quarterly on drawn funds Upfront Fee 2.75% Undrawn Commitment fee 2.5% per annum Tranches Final US$33m tranche drawn on completion of May 2021 equity raise Amortisation / Repayment Early repayment of US$11m in June 2022 No scheduled repayments or debt amortisation until 31 March 2022 (approximately 10 months after first production, quarterly repayments thereafter) Additional cash sweep of 70% of cash available for debt service Debt Service Reserve Account US$8m until Jun’22, thereafter greater of US$8m and principal and interest payable in next 6 months Bullet US$92m at 30 September 2024 (less cash sweep payments) Refinancing Restrictions Nil after 18 months Key covenants LLCR 1.5x and DSCR 1.3x"
From the May capital raising presentation. Note the key covenants : perhaps I have read them incorrectly , but I would be surprised if these aren't in breach.
SO4 Price at posting:
31.0¢ Sentiment: None Disclosure: Not Held
