Straits completes Mt Muro debt restructuring
Tuesday, November 5 2013 - 01:19 AM WIB
ASX-listed Straits Resources Limited announced that the restructuring of the Mt Muro silver prepayment facility between Straits? wholly owned subsidiary, PT. Indo Muro Kencana (PTIMK), and Credit Suisse International has now been completed.
As announced to the market on 5 August 2013, Straits, its wholly owned subsidiary PTIMK and Credit Suisse International agreed to the terms upon which the existing facility and associated liabilities are to be restructured.
Completion of the restructure has resulted in the close out of the existing prepayment facility and removes Straits as a guarantor of the facility, the company said in a statement received Tuesday. Executive Chairman of Straits, Andre Labuschagne said,?this is another significant step forward in the de-risking of Straits and enables us to focus on our core copper assets, including the Tritton Copper mine in New South Wales.
In Accordance with the terms of the debt restructuring, Straits will now proceed to issue 3,759,000 Class A convertible notes and 3,250,000 Class B convertible notes (with each note having a face value of US$1) on the terms approved by Shareholders at the Extraordinary General Meeting of Shareholders held on 21 October 2013.
Editing by Reiner Simanjuntak