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Tap Issue of US$125 million of the 9.00% TiZir Limited Senior Secured Callable Bond Issue 2017

May 14, 2014



ENP Newswire - 14 May 2014

Release date- 13052014 - TiZir Limited, a UK incorporated joint venture 50% owned by each of ERAMET SA of France and Mineral Deposits Limited of Australia, announces today that it has conditionally completed a US$125 million tap issue of the existing US$150 million 9.00 per cent senior secured callable bond due 2017.

The new Bonds will be priced at 102.9% of par, representing a yield to maturity of approximately 8.0%.

The net proceeds from the Offering are intended to be used to finance an expansion of the capacity of the Tyssedal Plant from 200,000tpa of TiO2 slag to 230,000tpa as part of a scheduled maintenance programme in 3Q 2015 as previously announced, and to fund the buildup of working capital at the Grande Cote Mine.

The completion of the Offering requires the approval of two-thirds of existing bonds represented at a meeting of bondholders to be held on or about 21 May 2014 (the 'Bondholder Meeting'). A summons letter convening the Bondholder Meeting was posted to existing bondholders on 7 May 2014. Alongside the Offering, bondholders have been asked to approve certain changes to the terms of the Bonds, to be included in an amended and restated Bond Agreement.

The Company has received irrevocable undertakings from existing bondholders representing in aggregate, approximately 65% of outstanding Bonds, to vote in favour of the proposals to be considered at the Bondholder Meeting.

The Offering was completed by Pareto Securities AS, GMP Securities Europe LLP and Fondsfinans AS acting as joint lead managers. The securities to be issued pursuant to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 'U.S. Securities Act'), and may not be offered or sold in the United States or to or for the account or benefit of a U.S. Person (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act.

Contact:

Njaal Kind

Chief Financial Officer

TiZir Limited

Email: njaal.kind@tizir.co.uk


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Source: ENP Newswire


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