Stockholm, 2013-01-23 10:15 CET (GLOBE NEWSWIRE) -- Auriant Mining AB (“AUR” or the “Company”) announced on November 21, 2012 that it had reached a principal agreement on restructuring the terms of the loans received from the majority shareholder.
As of December 31st, 2012 the outstanding loans from the majority shareholder were US$33.1 million (approx. SEK222 million), together with capitalised interest.
Under the terms of the restructuring:
· The loans have been consolidated into one bond instrument
· Repayment of the bond will occur in 2014, rather than 2013 for the original loans
· The restructured debt will be unsecured
· The overall interest rate will be reduced from 18% to 13%
· The company will commence interest payments on a monthly basis. The minimum monthly interest payment will be 5% p.a. with the remainder of 8% capitalised
· Any monthly interest payment in excess of 5% will be at a rate of less than 8% p.a. such that the overall interest rate for the debt will be in the range of 11.5-13% p.a.
Mikhail Fedulov, Auriant CFO, said, ”With this restructuring we have increased the tenor of our debt to the shareholder, and substantially lowered the Company’s interest burden, making our long term debt profile more sustainable. In turn this will increase the Company’s borrowing capacity with banks.”
Preston Haskell, Chairman of the Board
tel: +46 768 905 549
Denis Alexandrov, Member of the Board and CEO
tel: + 7 985 222 66 74