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The definition of White Gold and Norte Grande remains to be known. In total, the operations involve obtaining US $ 213.6 million to cover loan installments.
After the so-called cascade companies of SQM in early March, they called shareholders’ meetings to approve different capital increases, which seek to face a more complex financial situation due to the lower income they will have after the decrease in the results of the mining company. Non-metallic, this Friday three of them gave their green light for the operation.
Although the companies called the shareholders’ meeting for March 27, the government’s instruction to order mandatory quarantine in various municipalities in the Metropolitan Region, including Las Condes, where the meeting would take place, forced the appointment to be postponed until this Friday. On this day, according to reports, Pampa Calichera, Potash of Chile and Nitrate of Chile have already approved the capital increase, subtracting the definition of White Gold and Norte Grande that would be known this afternoon.
In total, the operations involve obtaining US $ 213.6 million, which will be used to cover capital installments of credits, scheduled for September and December 2020.
In the case of Pampa Calichera, the contribution of the shareholders implies US $ 173.5 million; while in Potash of Chile it will be US $ 43.4 million, although the latter has a 10% participation in the former.
For the operation, the companies hired EuroAmérica and QFinance, who thoroughly analyzed the situation and after considering alternatives, recommended specifying this formula.
The boards of the companies with which Julio Ponce Lerou invests in SQM would have been analyzing since early 2019 the evolution of the flows that come from that company, given that they have been affected by the drop in the price of lithium, which only in 2019 fell more than 30%.
According to information from the Norte Grande company as of September, the capital payments that the companies will face are related to a syndicated loan obtained with BTG Pactual, Consortium and Banco Internacional, whose maturity is scheduled for September 16 and involves US $ 100 million. .
Four quotas – three from Pampa Calichera and one from Oro Oro – with Itaú Corpbanca totaling US $ 35.6 million, in addition to two with Scotiabank (in Pampa Calichera and Potasios de Chile), for US $ 50 million, also expire.
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