Pantoro refinances debt ahead of Tulla merger
PERTH (miningweekly.com) – ASX-listed Pantoro has secured a A$55-million four-year senior secured loan facility with US investment manager Nebari Partners to refinance and replace its existing debt facilities.
The loan facilities will fully refinance Pantoro’s existing A$25-million senior secure facility with Global Credit Investments as well as ASX-listed Tulla Resource’s existing $24-million debt facility with Nebari.
Pantoro and Tulla earlier this year struck a merger agreement under which Pantoro would acquire Tulla to gain full ownership of the Norseman gold project, in Western Australia, creating a new mid-cap gold company.
Under the merger, Tulla shareholders will receive 4.96 Pantoro shares for every Tulla share held, implying a 24.7% premium to the company’s last closing price. The merger would see Pantoro shareholders holding a 51.5% interest in the merged entity, with Tulla shareholders holding the remaining 48.5%.
“Pantoro is delighted to have secured the financing support of Nebari Partners,” said Pantoro MD Paul Cmrlec on Monday.
“Nebari has been involved with the Norseman project through the construction and ramp-up phase of the project via their facilities with Tulla. During that time, Nebari has demonstrated a strong understanding of the industry and challenges involved in bringing new projects to fruition, building on its reputation as a highly respected and experienced financier of precious metals and other mining projects globally. We look forward to working with Nebari in the operational phase of the project.”
The loan facility is subject to certain conditions precedent, including completion of the merger, with funds expected to be drawn on June 30.
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