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Paladin negotiates new financing for Langer Heinrich

Australian mining company, Paladin Energy Ltd announced it has entered into agreements with its existing lenders to refinance the Langer Heinrich project finance facility. The facility was drawn down in conjunction with financial close of the Langer Heinrich minority sale.
Paladin Managing Director and CEO John Borshoff said: “Once again, Paladin has been able to refinance the facility in a tough uranium price environment while significantly reducing the security requirements and medium term principal repayments. Paladin continues to focus on ways to reduce the company´s overall debt levels and this represents another step in this process.”
Paladin has refinanced the existing US$110 million project finance facility and US$20 million working capital facility into a new US$70 million syndicated loan facility. Proceeds from the Langer Heinrich minority sale were utilised to prepay US$30.83 million of the existing facility, taking the outstanding balance to US$70 million.

This new facility will provide significant cash flow benefits and further strengthens Paladin´s financial position. The annual principal repayments will reduce by US$32.4 million over the first three and a half years of the facility, from US$18.33 million per annum to US$9.09 million per annum with the first repayment of US$4.55 million only due in December 2014.
The borrower of the new facility remains Paladin Finance (Pty) Ltd. The new facility is lighter on security with Langer Heinrich Mauritius Holdings Limited and Langer Heinrich Uranium (Pty) Ltd providing no guarantees or security over the project assets. The facility will also have a financial covenant holiday for the first four semesterly calculation periods starting 31 December 2014.
The new facility is provided by Nedbank Capital, a division of Nedbank Limited, Nedbank Namibia Limited, Standard Bank South Africa Limited and Standard Bank Namibia Limited. Both banks have been involved with Paladin since the first Langer Heinrich project finance facility was established in 2006.
Paladin announced on 17 January 2014 that it had entered into agreements with its lenders to refinance the Langer Heinrich Mine and the Kayelekera mine (Malawi) project finance facilities. Paladin said this new facility provides significant cash-flow benefits to both projects and puts Paladin in a much stronger financial position.

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.