Herbert Smith Freehills Kramer Advised Petra Diamonds on its Refinancing Package and Rights Issue
Herbert Smith Freehills Kramer Advised Petra Diamonds on its Refinancing Package and Rights Issue
Leading global law firm Herbert Smith Freehills Kramer has advised London-listed South African mining group Petra Diamonds on its plan to refinance its debt, which will see the company extend its debt maturities through a voluntary consent solicitation process.
The refinancing proposal involves extending Petra Diamonds' US$99 million revolving credit facility from January 2026 to December 2029 and extending the maturity of its US$228 million senior secured second lien notes from March 2026 to March 2030, alongside concurrent amendments to the notes, including the introduction of a "payment in cash or equity" mechanism.
Petra Diamonds will also pursue a rights issue of approximately £18.8 million (US$25.1 million), fully underwritten and committed by certain existing shareholders.
Partner Mark Bardell commented: "We are pleased to have advised Petra Diamonds on its refinancing plan, a multi-faceted deal which showcases our cross-practice capabilities, drawing on our corporate, finance and restructuring offerings, and deep knowledge of the Mining sector."
Petra Diamonds shareholders approved the resolutions for the refinancing plans and the rights issue at a special general meeting on 6 November.
The Herbert Smith Freehills Kramer team was led by Mark Bardell (Partner), Gabrielle Wong (Partner), Sarah Ries-Coward (Partner), Kevin Pullen (Partner) and Shaun Williamson (Partner), supported by Felipe Lima (Senior Associate), Owen Roberts (Senior Associate) and Rory White-Andrews (Senior Associate), and Robert Candeland (Associate), Shareka Logendran (Associate), Meenakshi Kurpad (Associate), Rhys Williams (Associate), Katerina Jovanovska (Associate), Bilal Ahmadzai (Associate), Jack Aynsley (Associate) and Jhanelle Bisasor (Associate).
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