JSE-listed Pan African Resources’ (PAR’s) subsidiary PAR Funding has received formal approval from the stock exchange on a R5-billion Domestic Medium Term Note programme.
The issuer, PAR Funding, may, from time to time, issue notes, which expression shall include senior notes and subordinated notes denominated in any currency agreed by the issuer and the relevant dealers. The issuer may also increase the programme amount.
PAR, together with its subsidiaries Evander Gold Mining, Barberton Mines, Evander Gold Mines and PAR South Africa Holdings, serve as guarantors to the holders of the notes under the programme.
The proceeds from each issue of notes will be applied by the issuer or its holding company for general corporate purposes as well as the funding of the business’s operations within the group.