https://newsletter.en.creamermedia.com

M&R reaches debt repayment agreement with banking consortium

30th August 2024

By: Darren Parker

Creamer Media Senior Contributing Editor Online

     

Font size: - +

JSE-listed Murray & Roberts (M&R) has reached an agreement with a consortium of South African banks to repay R409-million in debt. The debt, which peaked at about R2-billion in April 2023, has been significantly reduced through a deleveraging plan agreed upon by the company and the consortium.

A credit-approved term sheet has now been signed, which provides for the remaining debt to be repaid by January 31, 2026.

M&R said on August 30 that it would now begin the process of disposing of noncore assets to meet its obligations to its banking consortium. These assets have been independently valued and collectively exceed the outstanding debt.

The company said shareholder approval would be sought, if needed, at the appropriate time.

“The board remains committed to refinance its South African debt to the banking consortium and negotiations with potential funders are continuing. Should the refinancing process be successful, it will obviate the need for the disposal of assets,” M&R said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

 

Latest News

SAPVIA CEO Dr Rethabile Melamu
South Africa PV capacity increases 12% in 2024
20th December 2024 By: Schalk Burger

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 13 December 2024
Magazine round up | 13 December 2024
13th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.194 0.285s - 174pq - 2rq
Subscribe Now