TRENCOR LIMITED
(Reg No 1955/002869/06)
("Trencor")
Share Code: ISIN:
TRE ZAE000007506
TED2 ZAE000007282
MOBILE INDUSTRIES LIMITED
(Reg No 1968/014997/06)
("Mobile")
Share Code: ISIN:
MOB ZAE000004602
MBN ZAE000012274
MOBD ZAE000004610
TRENCOR BANKING FACILITIES
Further to the announcement published on 10 December 2001 regarding the
refinancing of Trencor's South African banking facilities, Trencor and
Mobile are pleased to announce that Trencor has elected, in terms of the
arrangements with its South African and foreign bankers, to procure a draw
down under the US dollar denominated Letter of Credit ("LC") provided by its
two foreign banks and, from the proceeds, to repay its financial
indebtedness to its South African banks in full.
The combined effects of the changing value of the rand against the dollar
and the interest rate profiles in South Africa and the US respectively made
it beneficial for Trencor to have these borrowings in US dollars.
An amount of $56 385 000 was drawn down under the LC facility on 9 May 2002.
The amount drawn down is repayable in fourteen quarterly instalments of $4
027 500 each commencing on 20 July 2002 with the final instalment payable on
20 October 2005. The outstanding balance bears interest at LIBOR plus 1,825%
per annum; the current effective interest rate payable on the loan is 3,66%
per annum.
On behalf of the boards
NI JOWELL Chairman Trencor Limited
C JOWELL Chairman Mobile Industries Limited
10 MAY 2002
www.trencor.net
www.mobile-industries.net
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