BRIEF-PPC Ltd Says To Restructure About $175 Mln Senior Debt In PPC Barnet

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BRIEF-PPC Ltd Says To Restructure About $175 Mln Senior Debt In PPC Barnet
Credit: © Reuters.

March 31 (Reuters) - PPC Ltd PPCJ.J :

* JSE: PPC - RESTRUCTURING AND REFINANCING PROJECT UPDATE, OPERATION UPDATE AND RENEWAL OF CAUTIONARY

* PPC LTD - HAS ENTERED INTO A BINDING TERM SHEET TO RESTRUCTURE C.US$175 MILLION SENIOR DEBT IN PPC BARNET

* PPC LTD - PPC HAS ALSO REACHED AGREEMENT WITH DRC MINORITY SHAREHOLDER IN PPC BARNET'S HOLDING COMPANY, PPC BARNET DRC HOLDINGS MAURITIUS,

* PPC LTD - SETTLEMENT AGREEMENT IS EFFECTIVE ON PAYMENT OF FINAL DEFICIENCY SETTLEMENT AMOUNT OF $16.5 MILLION, WHICH CO EXPECTS TO MAKE IN EARLY APRIL

* PPC LTD - STRUCTURED SALES PROCESS FOR PPC LIME CONTINUES TO MAKE GOOD PROGRESS

* PPC LTD - ITS SA LENDERS HAVE AGREED TO DEFER TIMING OF CAPITAL RAISE BY SIX MONTHS TO END OF SEPTEMBER 2021.

* PPC LTD - REMAINS CAUTIOUS ON OUTLOOK FOR CEMENT DEMAND

* PPC - SA LENDERS AGREED TO REVIEW NEED FOR CAPITAL RAISE SHOULD SA BUSINESSES CONTINUE TO DE-GEAR TOWARDS A SUSTAINABLE DEBT METRIC OF C.2X EBITDA

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