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Australia : NEWCREST MINING takes on second debt package in space of 4 mths.

After the mining company took on its second debt package in a period of just four months, the gearing ratio of gold miner Newcrest Mining shows little sign of falling.

The company has announced a new three-year loan valued at $US200 million, to provide ''additional liquidity headroom".

The loan, which Newcrest inked with an unnamed bank, comes after the company secured $US450 million worth of debt in October which was also said to offer "additional liquidity headroom"

For a gearing ratio of 29.1 per cent, the gold miner had $4.1 billion worth of debt on June 30.

The new debt package ends in January 2017 and Newcrest said it would be nice having a new bank to work with.

It added : "The new facility provides Newcrest with additional liquidity headroom, expertise and diversity, as well as extending the average debt maturity of its bilateral loan facilities."

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Publication:Mena Report
Date:Jan 15, 2014
Words:161
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