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Regulatory Story
Company Sirius Minerals plc
TIDM SXX
Headline Alternative financing proposal
Released 07:00 12-Mar-2019
Number 5237S07

RNS Number : 5237S
Sirius Minerals plc
12 March 2019
 

12 March 2019

Sirius Minerals Plc

Alternative financing proposal

Sirius Minerals Plc ("Sirius" or the "Company") announces that it has received a conditional proposal from a major global financial institution (the "Financial Institution") in respect of its stage 2 financing (the "Alternative Proposal").

The Company has been pursuing a senior debt financing with a group of prospective lenders since 2016.  This was most recently adjusted on 22 January 2019 to focus on a US$3 billion multi-tranche structure.  The Alternative Proposal contains an alternative senior debt structure to completely replace that structure.

The Company believes that the Alternative Proposal potentially offers a more flexible and attractive solution to its stage 2 financing requirements and therefore it is pausing discussions with its existing prospective lenders to pursue the Alternative Proposal. 

A number of options for the additional non-senior debt financing requirement, as previously outlined in the Company's announcement of 6 September 2018, continue to be progressed. 

The Company is working towards obtaining firm commitments for the Alternative Proposal and its additional financing requirements before the end of April 2019.  The Alternative Proposal is subject to the finalisation of the Financial Institution's due diligence and internal approvals. 

Further announcements will be made in due course. 

For further information, please contact:

Sirius Minerals Plc

Investor Relations

Jennifer Wyllie, Tristan Pottas

Email: ir@siriusminerals.com

Tel: +44 845 524 0247

Media enquiries

Edelman

Alex Simmons, Ed Brown

Email: Siriusminerals@edelman.com

Tel: +44 7970 174 353

Tel: +44 7540 412 298

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014 ("MAR").

About Sirius Minerals Plc

Sirius Minerals Plc is focused on the development of the Woodsmith Mine, which will access the world's largest and highest grade polyhalite deposit located in North Yorkshire, United Kingdom.  Polyhalite is a unique multi-nutrient fertilizer, which can be used to increase balanced fertilization around the world.  Sirius Minerals' shares are traded on the Premium List of the London Stock Exchange.  Its shares are also traded in the United States on the OTCQX through a sponsored ADR facility.  Further information on the Company can be found at: www.siriusminerals.com.

 


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