Horizonte Minerals makes drawdown on $346 million debt facilities

Chicago, Dec. 8 – Horizonte Minerals plc completed a first drawdown on its $346.2 million of senior debt facilities, according to a press release.

The senior debt facilities were executed between subsidiary Araguaia Niquel Metais LTDA and a syndicate of lenders including BNP Paribas, BNP Paribas Fortis, ING Capital LLC, ING Bank NV, Natixis, New York Branch, Societe Generale and SEK, Swedish Export Credit Corp.

The facilities comprise a $200 million commercial tranche and a $146.2 million export credit agency tranche which is being guaranteed by two export credit agencies (EKF, Denmark's Export Credit Agency and Finnvera plc, Finland's Export Credit Agency).

The company has satisfied all the conditions for the drawdown on its senior secured project finance facilities and is in receipt of the first tranche from the senior lenders.

Going forward, the funds are unlocked for the balance required to complete construction, commissioning and ramp-up at Horizonte's 100%-owned Araguaia Nickel Project in Brazil, where construction is underway and progress remains on schedule.

In addition, Horizonte has also satisfied all of the conditions precedent in relation to utilization of the cost overrun debt facility and has fully drawn down the $25 million of funding from Orion.

Horizonte Minerals is a London-based nickel, gold, silver and base metal exploration and development company. The company is developing two tier 1 projects in Brazil.

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