29Metals Limited (ASX:29M) Finalises Senior Debt Refinancing
Debt Refinancing Executed
29Metals Limited has completed the formal documentation for refinancing its senior secured Group Syndicated Facility Agreement. This refinancing will enable the company to reduce total senior debt through a US$18 million prepayment.
Enhanced Liquidity and Extended Maturity
The refinancing extends the maturity of existing senior facilities to 2028, compared to 2026 previously. This change results in US$74 million less in scheduled repayments over the next two years, significantly improving near-term liquidity for 29Metals.
Support for Gossan Valley
The new agreement also facilitates investment in the Gossan Valley project by excluding its capital expenditures from Debt Service Cover Ratio covenant tests. Financial close is contingent upon the prepayment of the US$18 million senior loans and the satisfaction of other standard market conditions, anticipated in the March quarter of 2025.
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