July 19, 2016 / 4:52 PM / in 3 years

South Africa's Implats revises debt facilities up $278 mln

JOHANNESBURG (Reuters) - South Africa’s Impala Platinum (Implats) has extended the tenure and amount of its existing debt facilities from certain local banking institutions in order to further strengthen its balance sheet, it said on Tuesday.

Implats amended 3.25 billion rand ($225 million) of its existing debt facilities, which was previously available until December 2017, to a revised 4 billion rand available until 2021.

“The enhanced liquidity provides comfort that Implats is able to address upcoming debt maturities as well as the ongoing needs of the business,” the company said in a statement.

Implats raised 4 billion rand ($254 million) in 2015 to develop two of its most important shafts while closing other projects and cutting jobs due to tough market conditions.

($1 = 14.3875 rand)

Reporting by Nqobile Dludla; editing by Susan Thomas

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