Join our daily newsletter At The Bell to receive exclusive market insights
- Paladin Energy (ASX:PDN) executes a US$150 million (A$228 million) syndicated debt facility
- Debt arrangement provides Paladin with financial flexibility as it resumes operations at the Langer Heinrich Mine (LHM) in Namibia and exploration at the Michelin project in Canada
- The debt facility is composed of a US$100 million amortising term loan, with a five-year term, and a US$50 million revolving credit facility with a three year term, extendable by two options of 12 months each
- PDN last traded at $1.21
Paladin Energy (ASX:PDN) has executed a US$150 million (A$228 million) syndicated debt facility.
This debt arrangement provides Paladin with financial flexibility as it resumes operations at the Langer Heinrich Mine (LHM) in Namibia and advances exploration at the Michelin project in Canada.
“Executing a syndicated debt facility ahead of operations has been a key strategy for Paladin and reflects our commitment to prudent capital management which benefits our Company and shareholders.” Paladin CEO Ian Purdy said.
“The debt facility will provide increased capital flexibility as we transition through ramp-up and progress to full production at the Langer Heinrich Mine.”
Through collaboration with two lending financial institutions, Nedbank and Macquarie Bank, Paladin secured the debt facility, with Nedbank CIB serving as the lead arranger and book runner.
The debt facility is composed of a US$100 million amortising term loan, with a five-year term, and a US$50 million revolving credit facility with a three year term, extendable by two options of 12 months each.
As of 31 December 2023, Paladin held cash and cash equivalents amounting to US$61.6 million, with no corporate debt, ensuring funding for the completion of the LHM project and the restart of operations.
PDN last traded at $1.21.
