Coromandel International Issues USD 15.5M Guarantee for Subsidiary

Coromandel International Limited has issued a corporate guarantee of USD 15.5 million to Citibank N.A. This guarantee supports a working capital facility of USD 14.09 million for its subsidiary, Baobab Mining & Chemicals Corporation (BMCC) in Senegal. The transaction is considered at arm's length, with Coromandel Chemicals Limited, a wholly-owned subsidiary and part of the promoter group, holding investments in BMCC. The guarantee represents a contingent liability for Coromandel International, applicable if BMCC fails to repay the working capital facility.