Western Areas Finalises $125m ANZ Bank Facility

Thu Mar 7, 2013 8:55pm EST

* Reuters is not responsible for the content in this press release.

Marketwire

Western Areas Limited

March 7, 2013 - 08:55:09 PM

Western Areas Finalises $125m ANZ Bank Facility

PERTH, AUSTRALIA--(Marketwire - March 7, 2013) - 

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE U.S.

The Board of Western Areas (ASX:WSA) is pleased to announce the execution of a
revised loan facility that both extends and enlarges the existing loan
facility between ANZ and the Company. The revised facility negotiation was
disclosed to the market on 4 December 2012.

The facility will have A$125m capacity and will extend to at least March 2016.
The remaining terms and conditions, while confidential, are typical for this
style of banking arrangement and remain materially consistent with the prior
facility. Interest rates and fees applicable have been priced at what the
Company considers a competitive margin. The facility remains undrawn and the
current amortisation profile should maintain sufficient capacity to cover the
entire $110m bond repayment due in July 2014. 

Managing Director, Dan Lougher said, "The revised facility will add
significant flexibility to the Western Areas balance sheet and give the
Company access to a committed line of finance to act on opportunities as they
present themselves. Most importantly it eliminates any perceived refinance
risk that relates to the July 2014 maturity of the second tranche of
convertible bonds.

"The capital management strategy adopted is entirely consistent with previous
practice such as the July 2012 convertible bond which was backstopped by an
ANZ Facility, but was ultimately retired from free cashflow generation.

"The continuation of the solid relationship between Western Areas and the ANZ
clearly demonstrates the ANZ's commitment to resource companies over the
entire lifecycle of their developments," Mr Lougher added.

FORWARD-LOOKING STATEMENT: This release contains certain forward-looking
statements. Examples of forward-looking statements used in this release
include: "The facility remains undrawn and the current amortisation profile
should maintain sufficient capacity to cover the entire $110m bond repayment
due in July 2014," and, "Most importantly it (the facility) eliminates any
perceived refinance risk that relates to the July 2014 maturity of the second
tranche of convertible bonds."

These forward-looking statements are subject to a variety of risks and
uncertainties beyond the Company's ability to control or predict which could
cause actual events or results to differ materially from those anticipated in
such forward-looking statements. 

This announcement does not include reference to all available information on
the Company or the Forrestania Nickel Project and should not be used in
isolation as a basis to invest in Western Areas. Any potential investors
should refer to Western Area's other public releases and statutory reports and
consult their professional advisers before considering investing in the
Company.

For Purposes of Clause 3.4 (e) in Canadian instrument 43-101, the Company
warrants that Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Western Areas Ltd
Dan Lougher
Managing Director
+61 8 9334 7777
dlougher@westernareas.com.au


Western Areas Ltd
David Southam
Executive Director
+61 8 9334 7777
dsoutham@westernareas.com.au
www.westernareas.com.au


FTI Consulting
Shane Murphy
+61 8 9485 8888 / 0420 945 291
shane.murphy@fticonsulting.com
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