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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.