News Column

Mirabela Nickel Limited - Bradesco Credit Agreement

May 9, 2014

ENP Newswire - 09 May 2014

Release date- 07052014 - Perth, AUSTRALIA - Mirabela Nickel Limited (ASX: MBN) advises that the Company, in its capacity as guarantor, has entered into an Amended Credit Agreement with Banco Bradesco S.A, extending the date for the repayment of outstanding principal of US$47 million to 29 March 2018.

As part of the amendments, Bradesco has also agreed to provide in principle support for, and not take any adverse action as a result of, the proposed restructure and recapitalisation of the Company to be undertaken as part of the proposed deed of company arrangement.

Mirabela Mineracao do Brasil Ltda (Mirabela Brazil) as borrower will provide Bradesco a security interest over the receivables under the existing short term offtake agreement with an International Trading House (ITH) up to the earlier of 23 July 2014 and the date on which an offtake agreement is executed with any party with respect to the 50% of sales of nickel concentrate not the subject of the Norilsk offtake agreement.

In addition to the existing security held by Bradesco over the 50% of sales currently the subject of the Norilsk offtake agreement, Mirabela Brazil will provide Bradesco a replacement security interest over this 50% of the receivables if the Norilsk agreement is terminated or not renewed upon its expiration and a new offtake agreement is entered into with an alternate party.

The Agreement also includes a mechanic for the early repayment of the Principal Outstanding dependent upon the available cash flow on certain dates and subject to minimum cash balances. Interest remains payable pursuant to the Agreement on a bi-annual basis.


Mirabela Nickel Ltd.

Level 21, Allendale Square

77 St Georges Terrace

Perth Western Australia 6000

Tel: +61 8 9324 1177

Fax: +61 8 9324 2171


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Source: ENP Newswire

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