Kingsgate Secures New Standby Loan Facility
Key points
- Kingsgate executes new US$25 million standby loan facility with Nebari
- Existing loan facility repaid, reducing total borrowings by ~68%
- New facility supports ongoing balance sheet de-gearing and future initiatives
Full summary
Kingsgate Consolidated Limited (ASX: KCN) has announced that it has satisfied the conditions precedent for a new US$25,000,000 standby loan facility with Nebari Natural Resources Credit Fund II, LP, and other Nebari-affiliated entities. Following the satisfaction of the conditions precedent, Kingsgate has concurrently repaid its existing loan facility and drawn down US$10.0 million under the new facility. As a result, the company's total borrowings have reduced from ~A$47 million to ~A$15 million, representing a reduction of ~68%. This new facility has been structured to support Kingsgate's ongoing balance sheet de-gearing strategy while providing funding flexibility to support future operational and corporate initiatives.
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