South Africa: PPC says that it has extended existing short-term banking facilities with its two primary South African lenders until at least September 2021 and deferred scheduled interest and capital repayments on long-term facilities until March 2021. The company says that it will “enhance its security position through a security pool arrangement” and “reduce the levels of gearing in South Africa through a combination of a capital raise and asset sales.” It added, “Any capital raise is conditional on the implementation of the other project steps.”
PPC also signed a new working capital facility with its third South African lender, which it says “provides on-going liquidity until December 2021.”
