Pioneer Credit (ASX:PNC) secured a 100-basis point reduction in the pricing of its AU$272.5 million syndicated senior finance facility, effective Nov. 1, according to a Monday Australian bourse filing.
This will lower the facility margin to bank bill swap rate plus 450 basis points, and will deliver an annualized pre-tax interest saving of around AU$2.5 million.
Under the revised terms, the firm agreed not to undertake repayment of the Facility before July 2027, ahead of its scheduled maturity in July 2028, along with other undertakings.
Its shares rose over 3% in recent trading on Monday.