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De Beers completes its refinancing process
Refinancing exemplifies vote of confidence in the company
By: Diamond World News Service
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Mar 24 2010 10:14AM
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Reference: 4793  

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De Beers has announced a successful completion of refinancing its existing banking facilities, which involves renewal and extension of its worldwide existing facilities and a $1 billion rights issue.

The renewal and extension of De Beers’ existing banking facilities concluded at the beginning of the year and have come into effect on March 23rd 2010. All of De Beers’ banking partners participated in the facility renewal. The $1 billion rights issue was subscribed to in full by E Oppenheimer & Son, Anglo American plc, and the Government of Botswana in their pro rata equity proportions. The company has received the funds and employed them into repaying debt.

Nicky Oppenheimer, Chairman of De Beers Group and managing shareholder commented that, “The equity investment and the successful completion of the refinancing process is a clear vote of confidence by the lenders and all three shareholders in the management of De Beers and in the company’s strong potential for significant growth.”

In its press release, De Beers noted that the fundamentals of the diamond business remain strong in both mining and marketing, it is now well positioned to generate good returns to its investors built on a sustainable model. The refinancing endeavour has enabled De Beers to now have a capital structure that positions it strongly to take advantage of opportunities in the diamond industry. Gareth Penny, De Beers Group CEO, mentioned that, “As we emerge from the recession in 2010, the completion of the refinancing process enables De Beers to take advantage of a number of exciting opportunities for growth up and down the diamond pipeline. We are deeply appreciative of the support shown by our shareholders and banking partners who share our confidence in the future and our belief that this is an exciting time for De Beers.”

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