Kenmare upsizes revolving credit facility by $30m
London-listed Kenmare Resources has announced that its revolving credit facility (RCF) has been increased by $30-million to $230-million.
Covenants relating to net debt to earnings before interest, taxes, depreciation and amortisation (Ebitda) and interest coverage ratio have also been waived for 2026 testing dates.
Kenmare explains that the increased RCF provides additional financial flexibility during a period of weak market conditions.
The company notes that the increased facility will be subject to a phased reduction, requiring repayment or prepayment of loans as necessary.
“The $30-million upsizing of our RCF and the covenant amendments provide important additional financial flexibility for Kenmare as we navigate a period of market weakness, giving us the confidence to make selective investments in plant and machinery and further develop the markets for our products.
“We appreciate the continuing support we have received from our lender group, who have worked with the company for many years and who recognise the quality, scale and future potential of the Moma Mine,” says CFO James McCullough.
The additional $30-million of commitments have been provided by members of Kenmare’s existing bank syndicate, which includes Absa Bank, Nedbank, FirstRand Bank – acting through its Rand Merchant Bank (RMB) division – and Standard Bank Group.
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