Pioneer Credit (ASX:PNC) has strengthened its capital structure, securing a 15-basis point reduction on its AU$272.5 million syndicated senior finance facility, following a pricing improvement in October, according to a Thursday filing with the Australian bourse.
The updated facility margin of bank bill swap rate plus 435 basis points increases the company's annualized pre-tax interest savings to over AU$3 million, per the filing.
The company's shares rose 1% in recent Thursday trade.