South African miner AngloGold Ashanti has launched a $750 million, five-year loan to its existing lending group via coordinators and bookrunners Barclays and Bank of Tokyo-Mitsubishi UFJ, banking sources said on Thursday.
The new revolving loan facility is an early refinancing of a $1 billion four-year deal maturing in April 2014 and could be increased during syndication, the bankers said.
“The timing is right, as the future is uncertain and the market is still generally open on a good level for African deals,” one banker said.
AngloGold Ashanti is aiming for a fast turnaround, with the signing expected to take place in July.
It was not available to comment.
The original $1 billion loan was led by bookrunner and mandated arranger Bank of Tokyo-Mitsubishi UFJ.
Mandated arrangers were ANZ Banking Group, Bank of America Merrill Lynch, Bank of Montreal, Bank of Nova Scotia, Barclays, CIBC World Markets, Citi, Commonwealth Bank of Australia, Goldman Sachs, Morgan Stanley, Rand Merchant Bank, Royal Bank of Canada, Standard Chartered Bank, UBS and co-arranger was Deutsche Bank.
South African uranium and gold miner First Uranium recently approved the sale of its Mine Waste Solutions operation and the Ezulwini mine, to AngloGold Ashanti and Gold One International for $335 million and $70 million respectively. The transaction was scheduled to complete on June 29.
Meanwhile, AngloGold Ashanti agreed on May 29 to buy the 50 percent of Brazil's Crixas gold mine it does not already own. The $220 million cash purchase will be funded by existing cash reserves and debt facilities.
The miner said it produced 4.33 million ounces of gold in 2011, generating $6.6. billion in gold income, excluding joint ventures. - Reuters