Pantoro (ASX:PNR) said that Nebari Partners exercised an option to convert $2.1 million of its convertible loan facility into equity, cutting its total debt to $6.3 million, according to a Tuesday filing with the Australian bourse.

In June 2023, the company had secured a four-year AU$55 million equivalent USD-denominated senior secured loan facility with Nebari to refinance and replace existing debt facilities.

The conversion resulted in the issue of 1.9 million fully paid ordinary shares at $1.08 per share, the filing said.