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Bisichi Mining Refinances With Santander

UK mining company Bisichi Mining, which has direct links with sites in South Africa, has refinanced its debt, securing a £6m term loan facility with Santander to replace a £5m term facility and overdraft held with RBS. The new debt package, which is secured against the company's UK retail property portfolio, has a five year term and is repayable at the end of the term. The interest cost of the loan is 2.35% above the London interbank offered rate. Bisichi is required to hedge no less than 33% of the loan, of which £5.5275 has been drawn to date.

 

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