Moropule Colliery

Situational analysis

Morupule Colliery Limited (“MCL”) is a 100% Debswana owned colliery in Botswana

MCL is in the process of expanding its operations in order to supply coal for the accompanying 600MW expansion of the, Government owned, Morupule power station

MCL required limited recourse project financing as the preferred funding option for the expansion

Fieldstone role

Fieldstone acted as financial adviser to MCL in respect of the successful raising of approximately 1.7bn Pula of debt and equity to fund the colliery expansion project

Equity was provided in the form of subordinated loans from the Government of Botswana, De Beers and Debswana •

Debt was provided by a syndicate of banks led by Standard Bank and  including Stanbic, FNB and Barclays

The nine year loan, half of it fixed at a fixed rate for 5 years, is believed to be the largest syndicated loan, and fixed rate tranche ever raised in Botswana Pula.