REG-Bisichi Mining PLC: Statement re Refinancing <Origin Href="QuoteRef">BISI.L</Origin>

BisichiAnnouncement

28/01/2015 01:49

STATEMENT RE RE FINANCING

FOR IMMEDIATE RELEASE                                                          
                                                                               
20 January 2015                                                                
                                                                               
                              BISICHI MINING PLC                               
                                                                               
                          £6.0 MILLION DEBT FINANCING                          
                                                                               
Bisichi Mining PLC(`Bisichi' or the `Company'), the UK mining company with     
direct coal mining operations in South Africa, is pleased to announce the      
successful completion of a £6 million term loan facility with Santander.       
                                                                               
This new loan replaces the previous £5 million term facility and overdraft held
with Royal Bank of Scotland. The Loan is secured against the Company's UK      
retail property portfolio.                                                     
                                                                               
The new debt package has a five year term and is repayable at the end of the   
term. The interest cost of the loan is 2.35% above LIBOR and the Company is    
required to enter into Hedging arrangements for no less than 33% of the loan.  
To date, £5.5275 million of the facility has been drawn.                       
                                                                               
Andrew Heller, Managing Director of Bisichi, commented that: "We are very      
pleased to have completed the refinancing of our UK banking facilities with    
Santander and look forward to our long term relationship."                     
                                                                               
Bisichi's financial advisor was Alvarez & Marsal and its legal counsel was     
Fladgate.                                                                      
                                                                               
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Contact:                                                                       
                                                                               
Bisichi Mining Plc                           Tel: 020 7415 5030                                          
Andrew Heller, Chief Executive                                                 
Garrett Casey, Finance Director                                                



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