Sierra Rutile $85 million refinancing

Overview:

• Sierra Rutile, a mineral sands producer based in Sierra Leone that produces rutile, ilmenite and zircon, successfully refinanced its debt facilities with Nedbank Corporate and Investment Bank. 
• The refinancing takes the form of three debt facilities, a senior loan facility of $50 million, an equipment finance facility of $15.9 million and a revolving credit facility of $15 million, that will increase liquidity, totalling an aggregated value of $85 million.
• The company will use some of the facility to repay an existing loan of $23.5 million owed to the Government of Sierra Leone.
• Sierra Rutile controls one of the largest rutile mines in the world. 

John Crabb - Journalist