Old news back in Feb 2013
The reason for the rehash is that part of the revised repayment terms below of this debt facility includes the assignment of the "Votorantim receivables".
Latest update is that Votorantim is shutting shop in November 2013.
Will this be a broken covenant on the Bradesco facility?
One would assume yes?
Perth, Australia – 5 February 2013: Mirabela Nickel Limited (“Mirabela” or the “Company”) (ASX: MBN, TSX: MNB) is pleased to announce that it has successfully negotiated revised repayment terms on its US$50 million debt facility with Banco Bradesco S.A. (“Bradesco”).
The revised repayment terms are:
January 2014 US$ 16.7 million
July 2014 US$ 16.7 million
December 2014 US$ 16.6 million
Interest remains payable bi-annually at a rate of LIBOR plus 6%.
The loan is unsubordinated and secured by a Guarantee from Mirabela Nickel Ltd and a fiduciary assignment on the Votorantim receivables.
These terms are unchanged.
During January 2012, the Company’s Brazilian subsidiary, Mirabela Mineração Ltda, entered into the US$50 million, 35 month working capital facility with Bradesco. The principal was originally repayable in instalments split 50% in month 12, and the remainder in equal instalments in months 24, 30 and 35.
i am in 0.016, page-37
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