Tharisa (THS) has confirmed that the net proceeds from its US$300 million five-year senior secured Nordic bond have been placed into escrow after the satisfaction of a major condition precedent to settlement.
The bond was issued by wholly owned subsidiary Arxo Finance plc and was successfully oversubscribed on 11 September 2026. It was priced at 98% of principal and carries an 11.00% semi-annual coupon.
The proceeds will be released to Tharisa once the remaining applicable release conditions have been fulfilled. The funds are earmarked for completing the group’s Tier 1 Karo Platinum Project in Zimbabwe, where first ore to the mill is targeted for Q4 2027.
DNB Carnegie and HSBC acted as joint bookrunners for the bond offering.
Tharisa’s CEO Phoevos Pouroulis said: “Reaching this milestone brings us a decisive step closer to fully funding Karo Platinum. Escrowing these proceeds reflects the discipline and confidence with which our lenders and investors have backed this project, and we now turn our full attention to the remaining conditions ahead of project drawdown”
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Placing the US$300 million bond proceeds into escrow marks another important step towards securing the funding needed to complete Karo. With first ore targeted for Q4 2027, attention now turns to satisfying the remaining release conditions and progressing construction.