Iluka Resources Limited : Iluka Resources Refinances Debt With A$800 Million In Credit Facilities
04/17/2012| 04:57am US/Eastern
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Australian mineral-sands company Iluka Resources Ltd. (ILU.AU) said Tuesday it has secured a series of five-year, bilateral revolving credit facilities with domestic and foreign lenders.
It didn't name the lenders.
The debt arrangements will partly be used to refinance a syndicated term-loan facility of A$445 million, of which A$100 matured in March and the remainder was due in March 2013.
Iluka Resources retains US$60 million in U.S. private-placement senior notes maturing between June 2013 and June 2015, it said.
The new facilities are available for general corporate purposes and to provide flexibility for future investment decisions, Chief Executive Alan Tate said in a statement.
"The company maintains significant balance-sheet and funding flexibility," he said.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com
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