OZ extends at the deadline

OZ Minerals has secured approvals to extend the terms of its debt arrangements to March 31 this year.

After yesterday telling MINING DAILY that talks with banks had been positive and constructive, OZ Minerals has announced it has secured approvals to extend the terms of its debt arrangements to March 31 this year.

Friday February 27 was the stipulated deadline for OZ Minerals to refinance $140 million of debt.

The extension means OZ will satisfy specific conditions of Scheme Implementation Agreement covering the takeover offer from Minmetals earlier in the month, and brings the company closer to finalising that deal, OZ Minerals managing director and CEO Andrew Michelmore said.

“This outcome represents a significant step in the process of delivering this transaction to OZ Minerals’ shareholders for their final decision,” he said.

“The proposed transaction remains subject to regulatory review and satisfaction of the other Conditions Precedent.”

The extension now means OZ can work towards satisfying the remaining conditions and complete the takeover deal with Minmetals, the company said.

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