Sirius Minerals Plc ("Sirius" or the "Company") announces that it has received a conditional proposal from a major global financial institution (the "Financial Institution") in respect of its stage 2 financing (the "Alternative Proposal").
The Company has been pursuing a senior debt financing with a group of prospective lenders since 2016. This was most recently adjusted on 22 January 2019 to focus on a US$3 billion multi-tranche structure. The Alternative Proposal contains an alternative senior debt structure to completely replace that structure.
The Company believes that the Alternative Proposal potentially offers a more flexible and attractive solution to its stage 2 financing requirements and therefore it is pausing discussions with its existing prospective lenders to pursue the Alternative Proposal.
A number of options for the additional non-senior debt financing requirement, as previously outlined in the Company's announcement of 6 September 2018, continue to be progressed.
The Company is working towards obtaining firm commitments for the Alternative Proposal and its additional financing requirements before the end of April 2019. The Alternative Proposal is subject to the finalisation of the Financial Institution's due diligence and internal approvals.
Further announcements will be made in due course.
RNS Number: 5237SBack to news archive