Finders selects Commonwealth Bank to join banking syndicate
Tuesday, February 5 2013 - 01:24 AM WIB
ASX-listed Finders Resources Limited announced that it has selected Commonwealth Bank of Australia (CBA) to join its banking syndicate.
?We were pleased with the strong response we received from a number of banks in relation to the Wetar project finance. We look forward to working with our new banking partner to finalize funding arrangements for the Wetar copper project.? Finders Managing Director, Chris Farmer said in the statement.
Finders received credit approval for US$138 million of bank facilities from a syndicate consisting of Barclays, Credit Suisse and Standard Bank in 2011.
In December 2012, Finders was however advised by Standard Bank that it had made a strategic decision to focus solely on African-related project finance and that it would no longer be able to participate in the syndicate.
Finders approached alternative banks and, following a due diligence process, selected CBA to replace Standard Bank in the syndicate.
CBA has completed a review of the data and the material documentation in relation to the facilities and will seek approval to participate in the syndicate facilities on this basis. Its participation remains subject to updated due diligence, satisfactory final documentation and final credit approval, among other things.
Editing by Adianto P. Simamora