New World Resources Plc ('NWR') and New World Resources N.V. ('NWR NV') jointly announce today that NWR's wholly-owned subsidiary NWR NV agreed with its lenders waivers and amendments in relation to the financial covenants in its bank facilities in order to avoid a possible breach thereof. For the Export Credit Agency ('ECA') loan it has been agreed that the financial covenants under the original agreement are not tested for the period from 1 January 2013 until 30 September 2013. Further, for the period from 1 October 2013 until 31 December 2013, the maximum gearing ratio has been amended from 3.25x to 5x and the minimum fixed cover ratio has been amended from 3.50x to 2x. The outstanding amount on the ECA loan is EUR 78 million. For the Revolving Credit Facility ('RCF'), it has been agreed that the financial covenants under the original agreement are not tested for the period from 1 January 2013 until 30 June 2013. For the period from 1 July 2013 until 30 September 2013, the maximum gearing ratio has been amended from 3.25x to 9x and the minimum fixed cover ratio of 3.50x has been amended to 1x. The EUR 100 million RCF is currently undrawn. Further conditions that NWR NV needs to comply with during the covenant holiday period include: certain minimum cash balances; limitations on dividend payments; and limitations on incurring further senior debt. The documentation of both facilities defines 'gearing ratio' as net debt divided by EBITDA and 'fixed cover ratio' as EBITDA divided by net interest, both calculated quarterly using consolidated financials of NWR NV on a twelve-month rolling basis. Source: NWR