Kropz makes second drawdown under bridge loan via ARC Fund

By Marisa Wong

Los Angeles, April 3 – Kropz plc had entered into a new bridge loan facility of ZAR 170 million with its major shareholder, the ARC Fund, to meet immediate cash requirements at Kropz Elandsfontein (Pty) Ltd. The loan was announced on March 27, according to a Wednesday press release.

The company has made a second drawdown on the loan for an amount of ZAR 73 million.

As previously announced, the company is in the process of refinancing its BNP loan facility with an outstanding amount of $11.25 million. BNP has extended its waiver period to June 30. A replacement loan is expected to be in place by the second quarter of 2024.

Kropz is an African phosphate producer and developer with headquarters in the United Kingdom.

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