I like that the interest rate on our debt has been reduced down to just 2.5%p.a ... but i LOVE the last point!!!
The key amendments are as follows:
− The maturity date of the JARE facility is extended to 30 June 2030.
− The interest rate on the JARE facility is reduced to 2.5% per annum.
− There is a revised principal repayment schedule as set out in Annexure A, with minimal principal repayments until 31 December 2024. Voluntary repayments can be made at any time without penalty.
− The cash sweep mechanism is removed.
− The restriction on dividend payments is removed once the principal amount outstanding is reduced to US$60 million or less.
Ann: Ten Year Extension of JARE Loan Facility, page-5
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