Consol Glass enters USD 107 million working-capital facility

Consol Glass (Pty) Ltd., a South African glass producer, entered into a ZAR 750 million, three-year working-capital facility with Nedbank Ltd.
The manufacturer also extended its hedging arrangement o…

Consol Glass (Pty) Ltd., a South African glass producer, entered into a ZAR 750 million, three-year working-capital facility with Nedbank Ltd. The manufacturer also extended its hedging arrangement on its 7.625% senior secured notes due April 2014, the Germiston-based company said in a statement dated 27 September 2010. The hedge will run until April 2014, when the notes mature, compared with April 2011. The agreement includes a coupon payment on the notes and the EUR 372.5 million principal due. Consol will pay ZAR 47 million of the mark-to-market value of ZAR 1.43 billion as at 22 September 2010 from cash resources, with the rest deferred to April 2014.