Lonmin: 400m dollars of credit facilities now 'effective'

published 19 December 2012

Platinum producer Lonmin has published an update on its amended bank debt facilities.

The group reported that following the completion of its Rights Issue, Lonmin's amended ZAR bank debt facilities of R1.98bn became effective on December 13 2012.

Lonmin has used part of the proceeds from the Rights Issue to repay in full its existing $700m bank debt facilities and cancelled the $300m term loan under these facilities. This has left $400m in revolving credit facilities available to Lonmin to draw on when and as required.