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Paladin may share assets as additional security for US$200M off-take prepayment

Électricité de France, or EdF, requested additional security from Paladin Energy Ltd. for its US$200 million prepayment under a long-term uranium off-take contract between the companies.

EdF already has existing security over 60.1% of Paladin's Michelin uranium project in Newfoundland and Labrador under an August 2012 agreement, according to a Dec. 27 release.

EdF believes the value of the additional security proposed by Paladin is less than the value required by the off-take contract, but Paladin said it does not agree with EdF's position.

The matter will now be decided by an independent valuation expert, following which the outstanding amount of about US$260 million should be repaid within 30 days of that determination.

Meanwhile, the company has made a proposal for EdF to share security over Paladin's assets with Paladin's bondholders. If the proposal is accepted, the independent expert's valuation would not proceed, the company said.

In early December, Paladin said it is evaluating options to arrange funds for US$212 million in obligations due April 30, 2017, after the US$175 million sale of a 24% stake in its flagship Langer Heinrich uranium mine in Namibia was delayed until 2017.