NQ Minerals refinances with new and cheaper US$60mln debt facility

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NQ Minerals PLC (NEX:NQMI) (OTCMKTS:NQMLF) has agreed a definitive term sheet with the Traxys Group and a leading European natural resources bank for a US$60mln debt facility.


The new debt will be used to refinance debt raised to start mining and processing at the flagship Hellyer base and precious metals mine in Tasmania.


The agreement follows extensive due diligence by both Traxys and the bank.


The facility comprises a six year amortising loan with a coupon rate of Libor + 5%. This allows NQ and Hellyer to retire a portion of the initial project start-up and commissioning debt and replace this expensive 12% debt with funding that has a significantly lower interest rate and is more aligned with the project’s maturity and projected life.

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