DJ De Beers' Shareholders Agree To $1 Bln Injection: Sources - FT
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Anglo American PLC (AAL.LN), the Oppenheimer family and Botswana - the three main shareholders in South African diamond producer De Beers SA - have agreed in principle to inject up to $1 billion via a share placement, split into amounts of $450 million, $400 million, and $150 million respectively, the Financial Times reported Monday, citing people close to De Beers.
A consortium of 20 De Beers' lenders recently indicated refinancing terms that weren't favorable to the company, the FT reported a person familiar with the matter as saying. That lead to the shareholders' decision in principle to combine an equity recapitalization with a debt refinancing, it said.
New equity could account for up to $1 billion of the $1.5 billion required debt refinancing, two people close to the company confirmed, the FT said. It could also fall to $750 million or below, depending on lenders' terms, the FT reported.
Full story: http://www.ft.com/cms/s/0/d2b2f132-dded-11de-b8e2-00144feabdc0.html
(END) Dow Jones Newswires
11-30-09 1957ET
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