Kartesia has provided capital to mining company Foraco International, according to a company announcement. The financing involves a new injection of capital while also converting the firm’s outstanding debt into a new bond issuance.
As part of the restructuring, the mining firm has been provided with €23 million in secured bonds, representing a new injection of capital. The bonds have a five-year term with €18 million being available immediately.
The restructuring has also served to reorganise Foraco’s outstanding debt. Most of the company’s outstanding debt has been converted into subordinated bonds held by Kartesia, along with other investors, the announcement notes. This debt represents €81.5 million.
The announcement also notes the mining company has retained the support of existing financing banks to the tune of €12.7 million in the form of a guaranteed credit line over the next five years.
Foraco is a mineral mining company with operations in 22 countries.
A spokesman for Kartesia did not return calls seeking comment beyond the announcement by time of publication.