Paladin Energy seeks consents to amend $115 million notes due 2023

By Susanna Moon

Chicago, July 16 – Paladin Energy Ltd. said it is soliciting consents to amend its $115 million of secured notes due 2023, with a meeting set for Aug. 7 in London.

Specifically, Paladin is looking to create a lien over a $10 million account of Paladin Finance Pty Ltd., in favor of Nedbank Ltd. to secure debt of up to $10 million in relation to the environmental performance bonding obligations for the Kayelekera mine, according to a company announcement.

The company also is asking for the security trustee’s consent to Paladin as lender under the revolving credit facility agreement, the release noted.

The issuer also is asking for a waiver or indulgence in connection with the payment of interest under the revolver.

If consents are secured, interest under the revolver will capitalize during the period the Langer Heinrich Mine “is on care and maintenance,” that is until the time it restarts its processing operations.

The proposal requires approval from holders of 75% of the notes at a meeting or those of more than 50% of the outstanding notes in writing.

Paladin is a Perth, Australia-based uranium mining company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.