Nittetsu Mining Co., Ltd.
Notice Regarding Changes to Borrowing Agreements with Financial Covenants
In response to increased funding for the Chilean Arcelo Mining Development Project, the borrowing limit was increased and the contract terms changed. The borrowing limit was expanded to a maximum of 10.7 billion yen and 44 million USD.
Key Figures
- Borrowing Limit (Before Change): 6.2 billion yen, 6.2 billion yen, 27 million USD
- Borrowing Limit (After Change): 10.7 billion yen, 10.1 billion yen, 44 million USD
- Borrowing Execution Period (After Change): June 10, 2024 – October 31, 2026
AI要約
Overview of Borrowing Agreement Changes
Nippon Steel Mining Co., Ltd. revised the borrowing agreement terms announced on March 29, 2024, to accommodate increased financing for the Chilean Arcelo Mining Development Project. The borrowing limit was raised to a maximum of 10.7 billion yen and 44 million USD through borrowings from three city banks, and the execution period was extended until October 31, 2026. Collateral and guarantees remain unsecured.
Financial Covenants and Future Impact
The financial covenants attached to the borrowing agreement remain unchanged, requiring shareholder equity to be maintained at 77.8 billion yen or more and ensuring that ordinary income does not record losses for two consecutive periods. The impact on consolidated results for the fiscal year ending March 2027 is expected to be minimal; however, should a material impact arise, timely disclosure will be made.
Nippon Steel Mining Co., Ltd.
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