One of the biggest cement producers in Zimbabwe, PPC is reportedly eyeing a restructuring and refinancing project by courting South African investors.
This was revealed in its financial statement recently.
“PPC continues to make good progress against key milestones in its restructuring and refinancing project (“Project”) with the objective of implementing a sustainable capital structure and improving the investment prospects of the Group. In South Africa, PPC has signed facilities agreements with its two primary South African lenders, who provide R1.85 billion of term loan and long term revolving credit facilities and R625 million of short term general banking facilities.
“The final terms of these agreements are substantially the same as those disclosed in note 36 to audited consolidated financial statements for the year ended 31 March 2020,” PPC said.
The company also revealed that it is finalising documentation related to the provision of security and other services and has since roped in a lender to ensure this is achievable.
“PPC is also finalising documentation relating to the provision of security, including a security pool arrangement comprising immovable property, debtors, and inventory.
“PPC has also signed revised terms with its third South African lender for a working capital facility of R175 million, which has now removed the requirement of being part of the security pool arrangement,” the company added.
Meanwhile, in the DRC, PPC has ‘signed a formal standstill agreement with the DRC Lenders. The final terms of the agreement are substantially the same as those of the term sheet agreed at the end of August 2020, as disclosed in note 36 to audited consolidated financial statements for the year ended 31 March 2020’.
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