Pilbara establishes A$1bn debt facility
Australian lithium company Pilbara Minerals has announced a new A$1-billion debt facility in the form of a revolving credit facility (RFC) with a group of domestic and international banks.
“The new corporate facility replaces Pilbara Minerals’ existing loan facilities, offers significant flexibility for future funding and bolsters the company’s already strong liquidity position,” said CFO Luke Bortoli.
“The establishment of the RCF shows the strength of Pilbara Minerals’ balance sheet, notwithstanding the current market environment,” he added.
Bortoli said there was strong appetite from existing and new lenders to participate in the facility.
To facilitate financial close of the RCF, Pilbara will repay all outstanding amounts under its existing ten-year A$250-million debt facility with Export Finance Australia and the Northern Australia Infrastructure Facility and its five-year $113-million syndicated debt facility.
Pilbara owns 100% of the world’s largest, independent hard-rock lithium operation. Located in Western Australia’s resource-rich Pilbara region, the Pilgangoora Operation produces spodumene and tantalite concentrates.
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