Tharisa (LSE:THS) said the net proceeds from its US$300 million five-year senior secured Nordic bond have been placed in escrow following the satisfaction of a condition precedent.
The bond was issued through the company’s subsidiary, Arxo Finance, and carries an 11.00% semi-annual coupon. It was priced at 98% of its principal amount and was oversubscribed.
The proceeds will remain in escrow until the remaining conditions for their release to the group have been satisfied.
Bond Proceeds to Fund Karo Platinum Project
Tharisa said the financing will be used to complete the Karo Platinum Project in Zimbabwe, where the company is targeting first ore to the mill during the fourth quarter of 2027.
The placement of the proceeds in escrow follows the completion of one of the conditions required under the bond financing. Release of the funds remains subject to the outstanding conditions being met.
The company did not provide further details in the supplied information on the remaining conditions or their expected completion date.
About Tharisa
Tharisa is an integrated mining and metals group focused on platinum group metals and chrome concentrates. Its activities include exploration, mining, processing, beneficiation, marketing, sales and logistics.
The group operates the Tharisa Mine in South Africa and is developing the Karo Platinum Project in Zimbabwe. It is also investing in downstream beneficiation and energy-storage technologies.
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