29Metals (ASX:29M) said it executed the full form documentation for the refinancing of its senior secured group syndicated facility agreement, according to a Wednesday Australian bourse filing.
Financial close is subject to prepayment of $18 million senior loans as well as other conditions, which is expected to occur in the March quarter.
The refinancing will deleverage 29Metals via $18 million prepayment of total senior debt, the filing said.
It will improve near-term liquidity by decreasing scheduled repayments by $74 million over next two years via the extension of the maturity of the existing senior facilities to 2028 from 2026.
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