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Africa|Steel
Africa|Steel
africa|steel

Lenders amend, increase AMSA funding facility

23rd August 2023

By: Tasneem Bulbulia

Deputy Editor Online

     

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Steel producer ArcelorMittal South Africa (AMSA) and its subsidiary AMRAS have concluded the amendment and restatement of a facility with HSBC Bank Johannesburg Branch, Absa Bank and other lenders.

The facility was also increased from R3.5-billion to R4.5-billion.

The facility was arranged by HSBC Bank as coordinating mandated lead arranger, agent and borrowing base agent; HSBC Bank Johannesburg Branch as bookrunner and mandated lead arranger; and Absa Bank as bookrunner and mandated lead arranger.

In terms thereof, AMSA and AMRAS, have been granted the facility with a 36-month tenor, which includes a 12-month run-off period beginning from the twenty-fifth month of the facility, to finance their working capital and general corporate purposes.

The amendment and restatement facility agreements are subject to the usual conditions precedent related to such financing agreements, which AMSA expects should be fulfilled shortly. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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