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Silver Heritage secures additional bank facilities in Nepal

Australia-listed Silver Heritage Group has secured additional financing in Nepal to the tune of NPR 510 million (US$5 million).

The additional banking facilities was secured by the company’s wholly owned Nepalese subsidiary, Tiger One Pvt. Ltd on Monday.

With immediate effect, the existing banking facility of NPR 750 million (US$7.4 million) will be increased by NPR 360 million to a total of NPR 1.1 billion (US$10.9 million).

It is also stated that NPR 360 million of the additional facilities will initially be advanced to Tiger One as a bridging loan, before being added to the Existing Loan on completion of “certain administrative procedures” including re-mortgaging land at Tiger Palace Resorts Bhairahawa.

The remaining NPR 150 million will be provided to Tiger One upon their demand, to be reviewed on a yearly basis.

The interest on the bridge gap loan will be 13 percent per annum, while interest on the demand loan will be 12 percent per annum.

The company has also agreed to a partial prepayment of bonds, with the company agreeing to prepay US$2 million of the US$20 million outstanding bonds issued to Silver Heritage Ltd on August 26 August, on or around August 25, 2017.

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