Pilbara Minerals (ASX:PLS) secures new debt facility

Company News

by Rachael Jones

Australian spodumene and tantalum concentrate producer, Pilbara Minerals (ASX:PLS) is refinancing its existing debt facilities to support its long-term growth.

The Company has received binding commitments from BNP Paribas, and Australia’s specialist clean energy investor, the Clean Energy Finance Corporation (CEFC) to provide a senior secured US$110 million Finance Facility.

Proceeds will be applied to redeem the existing US$100 million Nordic Bond used to fund the Stage 1 development of the Pilgangoora Lithium-Tantalum Project, including reimbursement of the principal repayment (US$6.25M) and interest payment (US$3M) made to bondholders in June 2020.

The proceeds will also contribute towards the early redemption premium payable under the Nordic Bond (US$4.5M), as well as related transaction costs.

Shares in Pilbara Minerals (ASX:PLS) are tracking 7.3 per cent higher at 37 cents.