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Tharisa’s Karo unit extends deadlines for bond private placement
By Mary-Katherine Stinson
Lexington, Ky., Nov. 30 – Tharisa subsidiary Karo Mining Holdings plc extended the deadlines for its fixed-income note offering to raise $50 million, according to a press release.
The note offer will now close Dec. 9, pushed out from Nov. 30.
The new notes will be issued Dec. 13 instead of Dec. 5.
The anticipated listing date for the notes, Dec. 14, has not been changed. The notes will be listed on the Victoria Falls Stock Exchange by way of introduction.
The company stated the extension was due to strong interest with certain institutions in the final internal approval process. In order to accommodate these potential investors and to ensure administrative processes are completed, the offer window was extended.
As previously reported, the minimum amount to be raised from the private placement is $25 million. If applications for less than this amount are received, the bond issue will not proceed.
The notes will be guaranteed by Tharisa.
IH Securities (Private) Ltd. is the debt sponsor for the listing and is advising the company.
Proceeds will be used to help fund the Karo platinum project in Zimbabwe.
Tharisa is a 70% shareholder in Karo Mining, which in turn indirectly owns 85% of the Karo platinum project, with the government of Zimbabwe holding the remaining 15% of the project, on a free carry basis.
Participation will be by way of private placement and is not restricted to Zimbabwean financial institutions or residents, the company noted.
Arxo Finance plc, a wholly owned subsidiary of Tharisa, has committed to subscribe for $10 million of the notes.
Tharisa is a platinum group metals and chrome co-producer with headquarters in Cyprus.
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