Ramelius Resources has executed a Syndicated Facility Agreement (SFA) which would provide it with a revolving corporate facility of AUD$175 million for a four-year term with the option to extend by a further year.
The SFA was executed with Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, Natixis CIB, and Westpac Banking Corporation. The new facility is an upsized replacement to the previous A$100M facility that expired upon execution of this SFA.
Ramelius Resources’ Managing Director, Mark Zeptner, said, “We are very pleased to enter into this facility with our syndicate of lenders who are also considered to be our business partners.
“While Ramelius has a strong balance sheet and we generate significant operating cash flow, we feel it is important to have the added financial flexibility which this low-cost revolving debt facility provides us.
“For the three months ending 30 June 2024, the company generated underlying free cash flow of approximately AUD$137 million. As at 2 July 2024, Ramelius had AUD$352.5 million in cash and gold on hand, which is after our recent strategic investment in Spartan Resources Limited of AUD$180.4 million, leaving Ramelius with over AUD$500 million in liquidity.”
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