Kaz Minerals signs $50-mln-loan with Caterpillar Financial Services
ASTANA. KAZINFORM - KAZ Minerals PLC said it has signed a three year $50 million loan deal with Caterpillar Financial Services (UK) Limited, a subsidiary of Caterpillar Inc.
Caterpillar Inc. is a major supplier of mining equipment to the Group's Bozshakol and Aktogay projects. After three years, the loan is repayable in four equal quarterly installments. An interest rate of USD LIBOR plus 4.25% is payable on amounts outstanding under the RCF. The financial covenants on the RCF are identical to those applicable to the Group's existing pre-export finance facility. Andrew Southam, Chief Financial Officer, said: "This new facility with Cat Financial provides KAZ Minerals with additional liquidity during the construction and ramp-up of our major growth projects and broadens the Group's debt portfolio." Source: AKI Press