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Pan African Resources Plc - New Revolving Credit Facility Becomes Effective

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  • PAFRF
  • PAFRY

Pan African Resources PLC
("Pan African" or “the Company" or “the Group”)
(Incorporated and registered in England and Wales under the UK Companies Act 2006 with registration number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
ADR ticker code: PAFRY

NEW REVOLVING CREDIT FACILITY BECOMES EFFECTIVE

Pan African is pleased to advise shareholders that the Group’s new ZAR 1 billion (One billion Rand) revolving credit facility became effective on 25 November 2021 (“New RCF”). The New RCF consolidates the previous revolving credit facility (“Previous RCF”), which expires in June 2022, and the existing Elikhulu term loan (“Term Loan”). The New RCF is provided by Rand Merchant Bank and Nedbank, has a three-year term and bears interest at a reduced margin of 275 basis points over the applicable JIBAR rate, compared to the 380 and 330 basis points over JIBAR, applicable to the Term Loan and Previous RCF, respectively.

The available capacity on the New RCF reduces to ZAR 850 million and ZAR 700 million on 31 December 2022 and 31 December 2023, respectively, with a final maturity date of 30 June 2024.

The New RCF’s covenant compliance is measured semi-annually for a rolling 12-month period, as follows:

  • Debt service cover ratio must be greater than 1.3 times;

  • Interest cover ratio must be greater than 4 times;

  • Net debt to equity ratio must be less than 1:1; and

  • Net debt to EBITDA ratio must be less than 2:1.

Pan African’s Chief Executive Officer, Cobus Loots, commented:

Even though the Group expects to be materially debt-free during the next year, the New RCF provides the Group with access to a flexible and cost effective facility over the next three years, should it be required for growth or contingency purposes.

Rosebank

30 November 2021

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com

Contact information

Corporate Office
The Firs Office Building
2nd Floor, Office 204
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0)11 243 2900
info@paf.co.za

Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0)20 7796 8644

Cobus Loots
Pan African Resources PLC
Chief Executive Officer
Office: + 27 (0)11 243 2900

Deon Louw
Pan African Resources PLC
Financial Director
Office: + 27 (0)11 243 2900

Phil Dexter/Jane Kirton
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0)20 7796 8644

Ross Allister/David McKeown
Peel Hunt LLP
Nominated Adviser and Joint Broker
Office: +44 (0)20 7418 8900

Ciska Kloppers
Questco Corporate Advisory Proprietary Limited
JSE Sponsor
Office: + 27 (0)11 011 9200

Thomas Rider/Nick Macann
BMO Capital Markets Limited
Joint Broker
Office: +44 (0)20 7236 1010

Hethen Hira
Pan African Resources PLC
Head: Investor Relations
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za

Website: www.panafricanresources.com

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