Lenders extend new credit lines to Tongaat

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Company’s creditors agree to make new loan, revolving credit and overdraft facilities available

Tambankulu Estate, sugar fields which are part of Tongaat-Hulett, located in Swaziland. Picture:SUPPLIED

“The new SA facilities will be used primarily to refinance amounts owing to the SA lenders under existing facilities and to fund general corporate and working capital requirements,” Tongaat Hulett said in a statement on Monday. In terms of the latest agreement, there are specific timelines within which repayments must be made on the debt owing to the lenders and contemplates that the company will fund these repayments out of asset disposals and equity capital raisings.

Tongaat expects to release its restated audited consolidated financial statements for the year to March 2018 as well as the audited consolidated financial statements for the year to March 2019 in the week of December 9.

 

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