It seems that not every business is finding it impossible to raise funds from the recalcitrant and reluctant banking sector.
The Times reports that De Beers, the world's largest diamond producer, will refinance$1.5BN of debt and will go ahead with a $1BN rights issue.
There had been some doubt about De Deers' ability to refinance $1.5BN of its $3BN debt, due to mature in March. However its banks, a.o. Royal Bank of Scotland and Lloyds Banking Group, have agreed more favourable refinancing terms after De Beers' shareholders (including Anglo American and the Oppenheimer family) said that they would inject more cash into the business.
Other companies, with less illustrious and cash rich shareholders, may well still struggle to raise finance from the moribund banking sector.
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