Hi Folks,
Found this from the Diggers & Dealers website. Pen has presentation dated August.
Few excerpts..
Lance Project Funding
Notes
• US$22m in senior secured notes from BlackRock for pre-licence construction
• US$12.4m drawn; further US$9.6m available for drawdown
• Notes have a coupon of 11%
Debt
• Approx. $50-60m in senior debt planned
• Negotiations on project financing are underway:
– Behre Dolbear (USA) has completed independent technical Due Diligence
– Term sheets presented
– Extent of interest reserve account and standby credit will determine final funding needs
– Expected completion in Q3 2014
• Secondary debt discussion with 3 financial groups - Note BlackRock has first right of refusal on further notes
Equity
• On debt closure, planned rights issue for $20-$30m to existing shareholders
PEN’s top two shareholders have already committed >$60 million to the projects over the last 3 years
http://diggersndealers.com.au/wp-content/uploads/2014/03/PEN-Aug-14-Presentation.pd
Hi Folks, Found this from the Diggers & Dealers website. Pen has...
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