Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Petra Diamonds (PDL)

  Print      Mail a friend

Wednesday 04 July, 2012

Petra Diamonds

New IFC Revolving Credit Facility of US$25 million

RNS Number : 8447G
Petra Diamonds Limited
04 July 2012



4 July 2012




Petra Diamonds Limited

("Petra" or "the Company" or "the Group")


New IFC Revolving Credit Facility of US$25 million



Petra Diamonds announces that its wholly owned subsidiary Finsch Diamond Mine (Pty) Limited ("FDM") has entered into a revolving credit facility agreement (the "IFC Agreement") with IFC (a member of the World Bank Group) with regards to a new revolving credit facility of US$25 million secured on the assets of FDM in respect of the Finsch diamond mine in South Africa ("Finsch") and the Company's interest in FDM.


The new facility has been put in place in addition to the ZAR300 million (approximately US$36.9 million) Rand Merchant Bank ("RMB", a division of FirstRand Bank Limited) revolving credit facility that was announced on 30 November 2011. On completion of the IFC Agreement, the ZAR300 million RMB facility will reduce to ZAR200 million (approximately US$24.6 million), so that the lenders together provide circa US$49.6 million in revolving credit facilities to Petra.


These IFC (US$25 million) and RMB (ZAR200 million) revolving credit facilities are in addition to the debt facilities of approximately US$76.9 million that were put in place in November 2010 with IFC and RMB (being U$40 million with IFC and approximately US$ 36.9 million (ZAR300 million) with RMB) ("the IFC and RMB 2010 Debt Facilities"). Other than the revolving credit and debt facilities above, Petra also has working capital (overdraft) facilities with RMB/FirstRand Bank Limited of approximately US$20.9 million (ZAR170 million).


Petra's total bank debt facilities now amount to approximately US$147.4 million. As at the date of this announcement, Petra has drawn down US$36.5 million of the IFC 2010 Debt Facility and approximately US$32.9 million (ZAR267.1 million) of the RMB 2010 Debt Facility. All other facilities remain undrawn, leaving approximately US$78 million available.


Given the lead times between the Group's now larger diamond tenders (post the acquisition of the Finsch mine) and the volatility experienced over the last 12 months of both the Rand and diamond prices, these new revolving credit facilities provide Petra with additional scope and flexibility to execute its capital expenditure programme and bring the Company's stated production and revenue growth opportunities to account.


As stated in the Company's recent Interim Management Statement (released 9 May 2012), and separately to this new IFC facility, Petra has commenced discussions with its bankers with regards to the longer term restructure of the Group's debt requirements. It is an opportune time to revisit the Group's debt levels, terms and structure, given that Finsch was not part of the Group when the original debt financing was put in place in 2010 and given the other positive Group developments since this time.



Johan Dippenaar, Petra's CEO, commented: "We are delighted to have entered into further credit facilities with IFC, whose continued support endorses the quality of our asset base, as well as our strong commitment to corporate social responsibility.  These combined IFC and RMB facilities further strengthen Petra's financial position and the Company's ability to deliver on its core objective of rolling out its stated expansion plans and ramping up production to over 5 million carats per annum by 2019."



Details of the Revolving Credit Facilities

·     The IFC revolving credit facility will be repayable by 31 May 2014. It has been agreed with RMB that the repayment date for the RMB facility be extended from the original date of 1 December 2013 to 31 May 2014, so the two facilities are aligned.

·     On 31 December 2013, the IFC revolving credit facility will reduce to US$18.75 million (and the RMB revolving credit facility will reduce to ZAR150 million).

·     Interest rates: IFC US$ facility - six month US$ LIBOR plus 3.5% margin (RMB ZAR facility - three month JIBAR plus 3.5% margin).


Completion of the IFC Agreement is conditional upon, inter alia, certain conditions precedent being satisfied. The principal conditions precedent relate to completion of security arrangements over the Group's assets, the execution of the relevant documentation to ensure interdependence of the respective agreements, and consents required from the South African Reserve Bank.  Petra expects to have met all of the conditions precedent before the end of August. The Agreements contain standard events of default and warranties for facilities of this size and nature.




1. An exchange rate of US$1:R8.13 has been used for the purposes of this announcement.



~Ends ~


For further information, please contact:


Petra Diamonds, London

Telephone: +44 20 7318 0452

Cathy Malins   



(PR Adviser)

Telephone: +44 20 7466 5000

Bobby Morse

James Strong


RBC Capital Markets

(Sponsor and Joint Broker)

Telephone: +44 20 7653 4000

Martin Eales

Pierre Schreuder


Canaccord Genuity Limited

(Joint Broker)

Telephone: +44  20 7523 8000

Rob Collins

Andrew Chubb





About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. It creates opportunities for people to escape poverty and improve their lives. It does so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, IFC's new investments climbed to a record US$19 billion in fiscal 2011. For more information, visit



About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and an increasingly important supplier of rough diamonds to the international market. The Company has a well-diversified portfolio, with interests in eight producing mines: seven in South Africa (Finsch, Cullinan, Koffiefontein, Kimberley Underground, Helam, Sedibeng and Star) and one in Tanzania (Williamson). It also maintains a highly focused exploration programme in Botswana.


Petra offers an exceptional growth profile, with a core objective to steadily increase annual production to 5 million carats by FY 2019. The Group has a major resource base in excess of 300 million carats.


Petra conducts all its operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a member of the FTSE 250.


For more information, visit the Company's website at 


This information is provided by RNS
The company news service from the London Stock Exchange