Mirabela Nickel enters into waiver agreement after subsidiary default

By Kali Hays

New York, June 5 – Mirabela Nickel Ltd. and subsidiary Mirabela Brazil entered into a waiver agreement with Caterpillar Financial Services Corp., according to a Thursday news release from the company.

Under the terms of the agreement, Caterpillar waived the event of default that arose under the $55 million master funding and lease agreement between Caterpillar and Mirabela Brazil, which is a component of the deed of company arrangement entered on May 13.

According to the release, the waiver is “subject to certain conditions including continued payments under the master agreement and compliance with the company’s other obligations to Caterpillar.”

The waiver will be automatically terminated if any of the conditions are not satisfied.

Mirabela is a nickel producer located in Perth, Western Australia.

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