Pilbara secures $110m financing
PERTH (miningweekly.com) – Lithium miner Pilbara Minerals has secured a $110-million senior secured debt facility from international bank BNP Paribas and clean energy investor Clean Energy Finance Corporation to fund the early redemption of the existing $100-million Nordic Bond.
The Nordic Bond was used to support financing of the Stage 1 Pligangoora lithium/tantalum project in 2017.
BNP Paribas has committed to providing $73.3-million of the finance facility, with Clean Energy providing the remaining $36.7-million. BNP Paribas has also agreed to extend an undrawn $15-million working capital facility originally established in 2018.
The finance facility will have a five-year term with an average 5% interest rate, based on current market reference rates. Drawdown of new facility is expected in the current quarter.
“This landmark refinancing of our long-term debt facilities is an outstanding achievement for Pilbara Minerals, representing the first time that a lithium raw materials player of our size has attracted conventional, syndicated project financing at such a competitive cost,” said MD and CEO Ken Brinsden on Thursday.
“We are very pleased with the continued support of both BNP Baribas and Clean Energy, which clearly demonstrates their ongoing commitment to a long-term partnership with the company to support our growth ambitions and sustainability objectives.”
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