Petra Diamonds is planning to reduce its gross debt through a tender offer to bondholders to purchase $150 million of the senior secured second lien notes due in 2026 in line with its stated intent to further optimise our capital structure through a reduction of gross debt.
It said if completed, the transaction will see Petra saving up to $15 million per year in interest expenses as they continue to fund its capital programmes from existing and internally generated cash resources.
Petra’s consolidated net debt was $40.6 million as of 30 June 2022 compared to $228.2 million, a year earlier.
The group had loans and borrowings of $366.2 million at the end of the fiscal year 2022 compared to $430.3 million, a year earlier.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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