Westgold Bolsters Balance Sheet Strength
Syndicated Facility With Existing Lenders Increased to
The new
Facility B is available until
Importantly, Westgold was not required to enter into mandatory gold hedging as part of the new Facility.
Argonaut PCF acted as financial adviser to Westgold. Key terms for the new facility are attached as Appendix A.
Westgold Managing Director and CEO
"Increasing our undrawn facilities to
The ongoing support from our existing Facility providers, ING Bank and Societe Generale is very pleasing. Remaining unhedged is a key driver of profitability and a strategic outcome for the business.
Westgold is building a larger, more profitable and sustainable business across two of
- ENDS -
Appendix A – Syndicated Finance Agreement - Key Terms
Key Terms – Facility B |
|
Purpose |
General corporate purposes |
|
Argonaut PCF |
Lenders |
|
Interest Rate |
BBSY plus fixed margin |
Maturity |
|
Repayment |
Quarterly amortisation payments from September 2025 to Maturity |
Financial Covenants |
Typical for a facility of this nature |
Facility Undertakings |
Typical for a facility of this nature |
Events of Default |
Typical for a facility of this nature |
Facility Agent and Security Trustee |
National Australia Bank Limited |
Mandatory Hedging |
None |
Forward Looking Statements
These materials prepared by
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.
Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. In addition, the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section of the Company's continuous disclosure filings available on SEDAR+ or the ASX, including, in the Company's current annual report, half year report or most recent management discussion and analysis.
Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances.
This announcement is authorised for release to the ASX by the Board.
SOURCE