Botswana pays De Beers P1 billion to cut debt

Wednesday, March 24, 2010

The government of Botswana has paid P1 billion (US$150 million) to De Beers as part of a rights issue commitment principally agreed on last year.

De Beers last year embarked on the US$1 billion rights issue together with a capital refinancing that has resulted in the reduction of its US$3.89 billion debt with several lenders by about a third.

Government has a 15 percent stake in De Beers making it liable to pay the same percentage of the rights issue, while Anglo American Corporation and the Oppenheimer family hold a 45 percent and 40 percent stake respectively.

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