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Westgold Resources Expands Financial Flexibility with $300 Million Facility
PERTH, Western Australia, Oct. 28, 2024 /CNW/ – Westgold Resources Limited WGX WGX WGXRF – Westgold or the Company) has announced the signing of a commitment letter with ING Bank (Australia) Limited and Societe Generale, which increases its existing $100M Syndicated Facility Agreement (SFA) to $300M by adding a new $200M facility (Facility B).
This new $200M facility enhances Westgold’s financial position by providing access to $300M of undrawn facilities. Among these is the undrawn $100M Revolving Corporate Facility, which can be used for various corporate needs.
Facility B will be available until 30 June 2025, with repayments set to start in September 2025 if drawn.
Notably, Westgold is not obligated to engage in gold hedging as part of this new Facility.
Argonaut PCF served as the financial advisor for Westgold. Additional details regarding the new facility can be found in Appendix A.
Wayne Bramwell, Westgold’s Managing Director and CEO, stated:
“With the increase to $300M in undrawn facilities, we are reinforcing our balance sheet and enhancing our ability to implement our growth strategy in FY25. The continued support from ING Bank and Societe Generale is encouraging. Staying unhedged is vital to our profitability and a strategic choice for the business.”
“Westgold is focused on expanding into a larger and more sustainable business across two of Australia’s leading gold regions. This announcement signifies the confidence that we and our lenders have in our plans and ability to create value from our assets.”
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Appendix A – Syndicated Finance Agreement – Key Terms
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Key Terms – Facility B $200M |
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Purpose |
General corporate purposes |
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Financial Advisors |
Argonaut PCF |
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Lenders |
ING Bank (Australia) Limited and Societe Generale (50% each) |
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Interest Rate |
BBSY plus fixed margin |
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Maturity |
… “` Westgold Resources Outlines Key Financial Details and Strategic PlansAnnouncement Date: December 2026
Forward-Looking Statements Westgold Resources Limited has shared forward-looking statements in this release. These statements often contain terms like “may,” “will,” “expect,” “intend,” and others, indicating management’s expectations about future events. Such projections can relate to plans, strategies, target production, and cost estimates. It’s important to recognize that forward-looking statements come with risks and uncertainties that could lead to actual outcomes differing from those anticipated. Factors influencing these outcomes may include fluctuations in commodity prices, changes in economic conditions, and challenges in obtaining permits or managing resources. Other uncertainties might involve environmental conditions and industrial relations issues. The assumptions behind these statements depend on current financial, market, and regulatory environments, which can change. Therefore, Westgold Resources cannot guarantee that these assumptions will hold true or that external factors beyond the company’s control won’t impact its performance significantly. Readers should be aware not to place undue reliance on these forward-looking statements, which are valid only as of the date of this announcement. The company is not obligated to update these statements unless required by law or stock exchange regulations. This announcement is authorized for release to the ASX by the Board.
SOURCE: Westgold Resources Limited
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