Metro refinancing current debt facilities, part of Bauxite Hills Mine Stage 2 expansion funding package
Metro Mining Limited is reportedly refinancing its current debt facilities to enable the $47.5 million loan from North Australian Infrastructure Facility (NAIF) to be senior secured first-ranking. This loan is part of the funding package for Metro Mining's Stage 2 expansion at Bauxite Hills Mine in Queensland.
As per the report, Metro will make an early repayment of the existing Sprott Private Resource Lending loan totalling US$9.65 million along with its accrued interest and enter into new loan facilities of $15 million with the existing lender Ingatatus AG and the new lender Lambhill Pty Ltd.
The new facilities will have to be repaid in three equal payments on July 1, 2021, September 30, 2021, and January 1, 2022.
Metro Mining managing director Simon Finnis said, “We are delighted to have finalised these new debt facilities which are a major step towards reaching financial close on NAIF.”
He also said, “We are very appreciative to have the ongoing support of Ingatatus AG as well as our new lender Lambhill,” while adding, “I would like to express my sincerest thanks to Sprott Private Resource Lending who have been a strong supporter of Metro through both the development and operating phases of Bauxite Hills.”
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