Bridge Facility Agreement

bridging financing agreement

In connection with the interim financing: bridging loan. Suggested agreement still requiring judicial approvals, definitive in-house approvals and definitive documents will resolve the Unsecured Creditors' Committee's objection to the resolution of the Company's claim against the third party financing Lyondell's 2007 Lyondell levered exit through Basell.

Suggested agreement still requiring judicial approvals, definitive in-house approvals and definitive documents will resolve the Uncovered Creditors' Committee's objection to the resolution of the Company's claim against the third party financing Lyondell's 2007 levered buy-out by Basell. This new agreement will increase the amount that will be paid to general unhedged debt holders, the Millennium Bonds and 2015 Note, at the inception of the plan from $300 million to $450 million.

USD 150 million is payable in the shape of restructured capital, which will be financed by reducing the payouts to the Senior Secured Facility and Bridge Loan Claims owners under the plan. We will work with all stakeholders to develop a viable reorganization plan that will maximize value for our debtors while enhancing the fiscal health of the restructured business.

Disclosure and planning statement will be reviewed to reflect new agreement and existing arrangements between different creditors.

Said company said that the redemption of the bridging facility of up to USD 11 million with Barak Fund SPC Limited, which matured within two month of the call, was prolonged until June 30, 2017.

Said company said that the redemption of the bridging facility of up to USD 11 million with Barak Fund SPC Limited, which matured within two month of the call, was prolonged until June 30, 2017. Mr Bushveld said that following this reorganisation, the Group had paid back the USD 8.8 million credit facility by 31 May as necessary and a further USD 1.2 million on 2 June to reduce the overall redemption to USD 10.0 million.

Therefore, the amount due to Barak and due June 30 is USD 1.0 million plus charges and interest as previously announced as of June 2. After the end of June, Bushveld said it has only the US$3.0mln advance payment facility with Wogen Resources Limited let in place as an outside indebtedness.

It is expected that the Group will pay back the Wogen facility from OIBD over a 15 months timeframe before the end of 2018. Mr Fortune Mojapelo, CEO of Bushveld Minerals Limited, said: Bushveld stocks were 11% higher in early-or-morning trading, up 0.92p to 9.30p in response to credit reorganization reports.

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