12/10/2007 - 11:45

Jabiru refinances $44.4m debt facility

12/10/2007 - 11:45

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West Perth-based Jabiru Metals Ltd has refinanced a major debt facility of $US40 million, releasing Consolidated Minerals Ltd from a guarantee it had provided for the original loan.

Jabiru refinances $44.4m debt facility

West Perth-based Jabiru Metals Ltd has refinanced a major debt facility of $US40 million, releasing Consolidated Minerals Ltd from a guarantee it had provided for the original loan.

 

 

The full text of a Jabiru announcement is pasted below

The directors of Jabiru Metals Limited ("Jabiru" "the Company") advise that the loan facility of $53.5 million provided by ANZ/Consolidated Minerals Ltd ("ANZ/CSM") has been closed out and that the $53.5 million guarantee that Consolidated Minerals Ltd had provided as support for Jabiru debt funding, as announced to ASX on 31 October 2005, has been released.

The release was foreshadowed in April 2007 when Jabiru announced the re-financing of its debt facility. That re-financing has now been completed with a new arrangement for US$40 million being entered into jointly with ANZ and BNPP. The facility requires no hedging. In addition to allowing Jabiru to close out the ANZ/CSM loan facility, the new facility will also provide flexibility to drawdown funds as required for working capital, development and exploration.

Jabiru Managing Director Mr Gary Comb said "the close out of the ANZ/CSM facility is a significant stage of the Company's progression, with Jabiru now in a very strong balance sheet position and with cashflow from our Jaguar Operation".

 

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