xReality Group (ASX:XRG) entered into a binding term sheet for a AU$6 million facility with Causeway Asset Management to refinance its existing debt facilities on an exclusive basis, according to a Friday Australian bourse filing.
The term sheet is subject to due diligence, final documentation, and approval by its board, which is expected by April 3, the filing said.
The new facility has an initial drawdown of AU$5 million and an additional AU$1 million will be available for working capital. It will be used to repay an exiting AU$4.6 million loan in full.
It will mature in March 2027, with interest payable quarterly.
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