Nepal project gets additional financing
Silver Heritage secured through a subsidiary US$5 million more to finance the upcoming Nepal casino project.
Nepal.- Silver Heritage announced in a filing to the Australian Securities Exchange that it obtained US$5 million additional banking facilities through its Nepalese subsidiary Tiger One Pvt Ltd. The company is building the Tiger Palace Resort Bhairahawa.
As the company said during the filing, the additional financing gives them the opportunity to prepay US$2 million of the US$20 million outstanding bonds, issued to Silver Heritage Ltd on August 26, 2016, on or around August 25, 2017. Prime Commercial Bank Ltd has become the fourth bank to been added to the banking syndicate that support the construction of the Nepal facility, GGRAsia reported. “With immediate effect, the existing syndicated banking facility of US$7.2 million … will be increased by US$3.4 million.”
Silver Heritage announced late last month that, following the completion of the institutional part of its entitlement offer, trading in its shares would restart. “This was the last in a complex series of approvals for increasing our foreign direct investment in Nepal, and we welcome the confirmation from the Nepal Rastra Bank,” managing director and chief executive at Silver Heritage Mike Bolsover said in a previous statement.
The US$3.4 million will be directed to Tiger One as a loan before being added to the existing loan on completion of certain administrative procedures including re-mortgaging land at Tiger Palace Resorts Bhairahawa in favour of the extended syndicate.
