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Buffalo Coal ups credit facility to 236M rand

Buffalo Coal Corp. said March 19 that subsidiary Buffalo Coal Dundee Pty. Ltd. amended the terms of the term loan and revolving credit facility with Investec Bank Ltd.

The amendment will see the working capital facility to increase by 16 million South African rand to 96 million rand and bring the total facility to 236 million rand from 220 million rand.

The availability period for the working capital facility has been extended to June 22, and maturity for any amounts drawn against the working capital facility will be June 29.

Buffalo Dundee will immediately repay 36.6 million rand due to Investec, reducing the existing Investec facility to 170.3 million from 200.3 million. The amount was due March 16.

The remaining 6.6 million rand will be adjusted to the mine royalty payment in the amount of 6.1 million and the rest will be applied to default interest.

In addition, the maturity of 7.5 million rand principal payment, which was due March 31, has been extended to June 29.

"Investec agrees not to exercise its acceleration rights with respect to any existing events of default under the Investec Facility and will appoint a technical adviser until June 30, to provide certain monthly reports to Investec," the coal miner said.