Mayer Brown advises syndicate of lenders on amendment to $220 million loan facility to Lucara, a leading independent producer of large exceptional quality type IIa diamonds from Karowe mine in Botswana

London – Mayer Brown has advised a syndicate of lenders, including Africa Finance Corp., ING, Natxis, Société Générale and Afreximbank in an amendment to a $220 million senior secured project financing debt package to Lucara Diamond Corp. (“Lucara”).

Mayer Brown previously advised the syndicate of lenders on the original senior secured debt to Lucara, executed in July 2021 for the development of the underground expansion of the Karowe diamond mine in Botswana. The amendment is designed to extend the original repayment profile to align with expected cash flows given the slower than planned ramp up of the underground expansion at the Karowe diamond mine.

The Mayer Brown team was led by Banking & Finance partner and mining specialist Rachel Speight and included Banking & Finance partner Nanak Keswani, senior associate Daniela Dennahy, associates Erica Arcudi and James Hanley and trainees Shelby Buchanan and Serena Brent, Restructuring partner Amy Jacks and senior associate Ben Ward (all London).