Following the completion of the acquisition of North American Palladium Limited (NAP) in December 2019, the Company earlier this year finalised the process of refinancing the bridge loan facility which was utilised by the Company and its subsidiaries to fund the acquisition of NAP, as well as NAPs existing working capital facilities.
This included the conclusion of a USD 275 million term and revolving credit facility by NAP (renamed Impala Canada Ltd.) which is guaranteed by the Company, Impala Holdings Limited and Impala Platinum Limited.
The Company is also announced that it has amended its rand revolving credit facility made available to the Company and guaranteed by Impala Platinum Limited so that the Company will be entitled to request access to additional credit facilities of up to R2 billion under the same facility agreement should the need for additional liquidity arise in the next 12 months.
As part of its treasury management activities, the Company has refreshed approvals for the following intercompany loans granted to certain subsidiaries:
Impala Platinum Limited R5.3 billion
Gazelle Platinum Limited R199.7 million
Impala Holdings Limited R11.3 billion
In addition, the Board of directors has authorised that the Company may provide direct or indirect financial assistance of up to a maximum R500 million in aggregate, to any of its present or future related or inter-related companies or corporations (including in the form of intercompany loans, guarantees to Eskom and the Department of Mineral Resources, and cash management arrangements).
Further, the Board has authorised that the Company may, provide financial assistance of up to a maximum R20 million in terms of the Impala Platinum Holdings Limited Long-Term Incentive Plan adopted in 2012.