LONDON--Producer of titanium feedstock industrial minerals
Sierra Rutile Ltd (SRX.LN), said Monday it has entered into an
agreement with Nedbank Ltd for the provision of a $30 million
senior loan facility.
MAIN FACTS:
-The senior loan facility has a tenor of four years from
financial close, carries an interest rate of LIBOR plus 5.25%, and
is secured against the assets of Sierra Rutile.
-Closing and drawdown of this facility is subject to
satisfaction of a limited number of outstanding conditions
customary for a financing of this type.
-Sierra Rutile has up until the Dec. 31, 2014 to reach financial
close and a further 18 months to draw down the funds.
-Sierra Rutile shares at 0902 GMT traded flat at 69 pence,
valuing the company at GBP352.7 million.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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