Lucara closes $350m bond financing for Karowe underground expansion
Canada-headquartered Lucara Diamond Corp has closed a $350-million senior secured bond issue, providing the financial certainty needed to take its Karowe underground project (UGP) in Botswana through to completion. The five-year bonds carry a fixed coupon of 12.5% a year, with interest payable quarterly. Proceeds from the financing have been used to fully repay the company’s existing $220-million project finance facilities, simplifying Lucara’s capital structure while improving liquidity and flexibility.
Canada-headquartered Lucara Diamond Corp has closed a $350-million senior secured bond issue, providing the financial certainty needed to take its Karowe underground project (UGP) in Botswana through to completion.
The five-year bonds carry a fixed coupon of 12.5% a year, with interest payable quarterly. Proceeds from the financing have been used to fully repay the company’s existing $220-million project finance facilities, simplifying Lucara’s capital structure while improving liquidity and flexibility.
What's Your Reaction?
theprofiler
A profiler of note
