STATEMENT RE RE FINANCING
FOR IMMEDIATE RELEASE
20 January 2015
BISICHI MINING PLC
£6.0 MILLION DEBT FINANCING
Bisichi Mining PLC(`Bisichi’ or the `Company’), the UK mining company with
direct coal mining operations in South Africa, is pleased to announce the
successful completion of a £6 million term loan facility with Santander.
This new loan replaces the previous £5 million term facility and overdraft held
with Royal Bank of Scotland. The Loan is secured against the Company’s UK
retail property portfolio.
The new debt package has a five year term and is repayable at the end of the
term. The interest cost of the loan is 2.35% above LIBOR and the Company is
required to enter into Hedging arrangements for no less than 33% of the loan.
To date, £5.5275 million of the facility has been drawn.
Andrew Heller, Managing Director of Bisichi, commented that: “We are very
pleased to have completed the refinancing of our UK banking facilities with
Santander and look forward to our long term relationship.”
Bisichi’s financial advisor was Alvarez & Marsal and its legal counsel was
Fladgate.
END
Contact:
Bisichi Mining Plc Tel: 020 7415 5030
Andrew Heller, Chief Executive
Garrett Casey, Finance Director