News and Announcements
Altech Receives Loan Indicative Terms and Conditions
- Published August 24, 2016 10:37AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
24th August 2016, ASX Announcement
Highlights
- Altech receives lenders first draft indicative term sheet
- Altech targeting total project debt of US$70 million
- Export credit cover (ECA) component of US$60 million
- Sole lender structure proposed for the entire debt portion of up to US$70 million
- Simplified debt financing and attractive ECA-covered component
Altech Chemicals Limited (Altech/the Company) (ASX: ATC) is pleased to announce that the Company has received a summary of senior facility agreement indicative terms and conditions from German government-owned KfW IPEX-Bank for the proposed US$70 million of debt financing of its Malaysian high purity alumina (HPA) project.
The indicative terms and conditions proposed by KfW IPEX-Bank includes matters customary for the type of project debt financing being targeted, such as description of credit facilities; interest rates and fees; debt payment terms and maturity dates; collateral security; affirmative and negative covenants; details of guarantors; closing conditions; financial covenants; representations and warranties; events of default and material adverse changes. The details for these matters and potential adjustments are currently under discussion and will take into account the results from the ongoing due diligence process where necessary, before being submitted for approval within the German export credit agency and KfW IPEX-Bank.
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