Bond proceeds placed in Escrow - CP satisfied
Tharisa plc has confirmed that the net proceeds of its US$300 million five-year senior secured Nordic bond have been placed into escrow, satisfying a key condition precedent for settlement. The bond, which was oversubscribed and priced at 98% of principal with an 11.00% semi-annual coupon, will release funds to the Group upon fulfilment of remaining conditions. These proceeds are designated for the completion of the Karo Platinum Project in Zimbabwe, with first ore to the mill anticipated in Q4 CY2027.
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JSE share code: THA
LSE share code: THS
A2X share code: THA
('Tharisa' or the 'Company' or 'Group')
BOND PROCEEDS PLACED IN ESCROW - CONDITION PRECEDENT SATISFIED
Tharisa, the mining, metals and innovation company dual-listed on the Johannesburg and London stock exchanges, confirms that the net proceeds of its US$300 million five-year senior secured Nordic bond, issued by wholly owned subsidiary Arxo Finance plc, have been placed into escrow following satisfaction of a major condition precedent to settlement.
The bond, priced at 98% of principal with an 11.00% semi-annual coupon and successfully oversubscribed on 11 September 2026, will see proceeds released to the Group upon fulfilment of the remaining applicable release conditions. Funds are earmarked for completion of the Group's Tier 1 Karo Platinum Project in Zimbabwe, with first ore to the mill targeted for Q4 CY2027.
DNB Carnegie and HSBC acted as Joint Bookrunners in connection with the offering.
Phoevos Pouroulis, CEO of Tharisa, commented:
'Reaching this milestone brings us a decisive step closer to fully funding Karo Platinum. Escrowing these proceeds reflects the discipline and confidence with which our lenders and investors have backed this project, and we now turn our full attention to the remaining conditions ahead of project drawdown'
Paphos, Cyprus
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Investec Bank Limited
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