By William Gullotti
Buffalo, N.Y., Dec. 12 – Tharisa subsidiary Karo Mining Holdings plc privately placed $31.8 million of bonds at the close of its extended offering period, according to a press release on Monday.
According to the press release, notes will be issued to applicants in terms of the timetable where the subscription proceeds have been received, or on receipt of the subscription proceeds where the funds are still to flow.
Interest will accrue from the issue date as described.
The notes will be listed on the Victoria Falls Stock Exchange on Dec. 16, instead of Dec. 14 as previously indicated. The press release said regulatory approval had not yet been awarded by Zimbabwe’s Insurance and Pensions Commission.
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.
Further details, such as those regarding interest and tenor, were not disclosed in the press release.
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.
Tharisa is a platinum group metals and chrome co-producer with headquarters in Cyprus.
| Issuer: | Karo Mining Holdings plc
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| Guarantor: | Tharisa
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| Issue: | Bonds
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| Debt sponsor: | IH Securities (Private) Ltd.
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| Amount: | $31.8 million
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| Listing date: | Dec. 16
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