Gold One International Ltd
(ASX:GDO) has received credit approval for a US$65 million loan facility.
Formerly known as, BMA Gold, Gold One is an Australian and African focused gold miner.
The company says it has received credit approval from Absa Capital and BNP Paribas for a US$65 million loan facility which it says will be used to meet existing obligations under existing convertible bonds.
Gold One says it believes a debt facility is the most effective form of refinancing the company’s convertible bonds and that it presents the best bond refinancing option for existing shareholders.
The facility has a maximum term of four and a half years with interest and capital payments only commencing in June 2011.
The gold miner say capital payments will be structured to take into account the ramp up of production at its flagship Modder East mine in South Africa.
Gold One International posted a loss for the half year to June 30, 2010.
