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De Beers s.a. signs USD 2,000 million multicurrency Credit Facility
The company states it is on the cusp of an exciting period of growth
By: Diamond World News Service
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Nov 2 2011 11:26AM
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Reference: 6441  

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De Beers s.a. has signed a new USD 2,000 million multicurrency Credit Facility. The facility is split between a USD 800 million Term Loan maturing in March 2015, and a USD 1,200 million Revolving Credit Facility maturing in October 2016. Proceeds will refinance De Beers’ existing USD 3,000 million Multicurrency Revolving Facility Agreement dated 23 March 2005, and the USD 200 million Term Loan Agreement dated 2 May 2007, and will be used for general corporate purposes.

With a long-term supply/demand differential, De Beers believes that the fundamentals of the diamond business are attractive, and that the company is well positioned to generate strong returns built on a sustainable model. Philippe Mellier, De Beers Group CEO, commented, “With several large upstream projects underway, and exceptional growth in emerging consumer markets such as China and India, De Beers stands on the cusp of an exciting period of growth. Today’s announcement further ensures that De Beers has a capital structure that enables us to continue to create value for our shareholders.”

The mining giant expressed appreciation towards the support it has received from its banking partners.

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