The export credit cover will apply to Part A of the recent credit approved loan package from KfW IPEX-Bank which comprises:
- Part A - US$ equivalent of €33 million facility guaranteed by the German Government export credit agency Euler Hermes, with a final maturity of approximately 10 years after completion of construction (the Hermes-Guaranteed Facility); and
- Part B - US$37 million facility, secured against the BSOPP, with a final maturity of approximately 10 years after completion of construction.
In addition, Kalium Lakes has previously announced a AUS$74 million funding package provided by the Northern Australia Infrastructure Facility (NAIF). Complete details of the offer of export credit cover are expected to be received from Euler Hermes in the coming days.
All debt facilities are subject to the execution of formal documentation and other customary Conditions Precedent, including completion of the residual equity requirement and a Final Investment Decision by the company’s Board.
Kalium Lakes’ Managing Director, Brett Hazelden, commented: “We are delighted to have received a positive decision regarding our application for German export credit cover. “The completion of this significant funding requirement brings us closer to a Final Investment Decision, which remains on track for this quarter and progresses our goal of becoming Australia’s first SOP producer,” he said.
The German export credit cover was obtained with the assistance of KfW IPEX-Bank and BurnVoir Corporate Finance.
Read the article online at: https://www.worldfertilizer.com/project-news/19072019/kalium-lakes-application-to-german-government-for-export-credit-cover-approved/
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