PERTH, Australia, Feb. 13, 2014 /CNW/ - Mirabela Nickel Limited
(Mirabela or the Company) (ASX: MBN) refers to its previous
announcements relating to the US$45 million loan obtained from a
consortium of holders of the Company's US$395 million 8.75% Senior
Unsecured Notes due 15 April 2018 (Interim Loan). The Interim Loan is being used to provide the Company with liquidity
to operate its business as discussions progress with all of Mirabela's
key stakeholders regarding a comprehensive restructuring.
The Company and the lenders continue to work together to perfect the
Brazilian collateral documents which secure the Interim Loan, and have
agreed to extend the 12 February 2014 deadline for the perfection of
this security until 24 February 2014. In addition, the Company and the
lenders have extended the previously announced 12 February 2014
deadline for executing a definitive agreement for restructuring and
recapitalising the Company, to 20 February 2014.
The Company and the lenders have also agreed to an amended drawdown
regime under the Interim Loan, which previously stipulated that the
third and fourth drawdowns had to be made by the Company on 14 February
2014 and 21 February 2014, respectively. The Interim Loan now provides
that the Company can make these drawdowns at any time prior to the
termination date of the Interim Loan, provided that the cash balance of
the Mirabela group is less than US$25 million for three consecutive
While the terms of a comprehensive restructuring continue to be
discussed, at the date of this announcement, no binding agreements for
the restructuring of Mirabela's debt obligations have been concluded
nor has any opportunity or arrangement sufficiently progressed to be
announced to the market. No assurance can be given at this stage that
any definitive agreements or arrangements will be reached with any
party that the Company may be in discussions with.
SOURCE: Mirabela Nickel Ltd.