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Tiffany, Diamcor Agree Loan Deferral, Maturity Extension

Jan 24, 2016 11:18 AM   By Rapaport News
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RAPAPORT... Tiffany & Co. Canada, a subsidiary of New York-based retailer Tiffany & Co., has agreed to defer payments and extend the maturity date of financing arrangements with rough supplier Diamcor Mining.

Tiffany & Co. Canada gave Diamcor financing to advance the Krone-Endora at Venetia Project as part of an alliance under which the retailer has first right of refusal to buy up to 100 percent of future production of rough diamonds from the South African mine, according to a Diamcor statement January 20.

Interest will continue to accrue on the outstanding balances of the financial facilities during the six-month period of the deferrals and extension. Payments of principle and interest will commence again on July 20, 2016.
Tags: Diamcor Mining, finance, mining, Rapaport News, Rough Diamonds, Tiffany & CO., Tiffany & Co. Canada
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