Salt Lake Potash Limited Senior debt syndication to Sequoia and CBA (1101R)

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RNS Number : 1101R

Salt Lake Potash Limited

04 March 2021

 
 4 March 2021   AIM/ASX Code: SO4 
 
 
 SALT LAKE POTASH LIMITED 
------------------------- 
 

Senior debt syndication to Sequoia and CBA

Salt Lake Potash Limited (SO4 or the Company) is pleased to announce the successful syndication of its US$138m Senior Debt Facility, with Sequoia Economic Infrastructure Income Fund (SEQI) and the Commonwealth Bank of Australia (CBA) joining the facility.

Senior debt syndicated

-- SEQI and CBA will invest US$39m and US$25m respectively into the facility, complimenting existing investments led and arranged by Taurus Mining Finance Fund No. 2 L.P (Taurus) and the Australian Government's Clean Energy Finance Corporation (CEFC).

-- Following the syndication, the Taurus investment will be reduced to US$35m (from US$91m) and CEFC to US$39m (from US$47m). The final facility holding structure is as follows:

 
  Institution                         Facility investment 
==================================  ===================== 
  Clean Energy Finance Corporation    US$39m 
  Sequoia Economic Infrastructure     US$39m 
   Income Fund 
  Taurus Mining Finance Fund No.      US$35m 
   2 L.P 
  Commonwealth Bank of Australia      US$25m 
----------------------------------  --------------------- 
  Total                               US$138m 
 

TONY SWIERICZUK, Chief Executive Officer

"I am extremely pleased to welcome SEQI, an experienced global debt investor, and leading Australian bank CBA, into our Senior Debt Facility. The breadth and quality of investors that have been attracted to this facility is testament to the robust financial characteristics and positive environmental credentials of the project and its proficient execution by the SO4 team. We look forward to continuing our relationship with Sequoia and CBA as we pursue our vision of a multi-lake SOP province in WA."

About Sequoia

SEQI, advised by Sequoia Investment Management, is a UK based lender with GBP1.8bn under management. It has been a leader in the infrastructure sector, transforming it from a lending asset class to an investment asset class, working closely with investors and other key counterparties. It is listed on the FTSE 250 Index of the London Stock Exchange.

About CBA

The Commonwealth Bank of Australia is Australia's leading provider of integrated financial services, including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and share-broking products and services.

For further information please visit www.so4.com.au or contact:

 
 Tony Swiericzuk / Richard Knights   Salt Lake Potash Limited                    Tel: [phone] 
 Colin Aaronson / Seamus Fricker     Grant Thornton UK LLP (Nominated Adviser)   Tel: [phone] 
 Derrick Lee / Peter Lynch           Cenkos Securities plc (Joint Broker)        Tel: [phone] 
 Rupert Fane / Ernest Bell           Hannam & Partners (Joint Broker)            Tel: [phone] 
 

This announcement has been authorised for release by the Board of Directors.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Forward Looking Statements

This announcement includes forward-looking statements. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. Although the Company believes that its forward-looking statements have reasonable grounds, can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the Company's business (including those described in pages 11 to 21 (inclusive) of the Prospectus released to ASX on 11 February 2021), which cause actual results to differ materially from those expressed herein. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, save where required by law or regulation, to reflect the circumstances or events after the date of this announcement.

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March 04, 2021 02:00 ET (07:00 GMT)