- TerraCom (TER) is working to finalise its prepayment facility in order to fully repay the Euroclear Bond
- The company has receipted a further US$10 million (A$14.4 million) for the prepayment facility, with the remaining US$30 million to be received by the end of the month
- TER has faced delays on the receipt of the coal sales prepayment, but a long-standing customer has agreed to provide the prepayment on an interest free basis
- In other news, the company will withdraw its interests from the Republic of Guinea due to political instability and uncertainty
- Shares are trading 1.75 per cent higher today at 58 cents
TerraCom (TER) has been working to finalise its prepayment facility in order to fully repay the Euroclear Bond.
The company has receipted a further US$10 million (A$14.4 million) for the prepayment facility, with the remaining US$30 million to be received by the end of the month.
The funds will be used to fully repay the Euroclear Bond, which currently has a balance of $38.8 million.
TER has faced delays on the receipt of the coal sales prepayment, but a long-standing customer has agreed to provide the prepayment on an interest free basis.
“The prepayment facility has unfortunately taken longer than initially anticipated to
finalise; however, the company has negotiated a very good overall outcome whereby the prepayment funds will now be interest free,” Executive Chairman Craig Ransley said.
Additionally, due to political instability and uncertainty, the company has chosen withdraw its interests from the Republic of Guinea.
It is no longer seeking opportunities or potential projects within the region.
Looking ahead, the company is expected to deliver eight cargoes at about 650,000 tonnes from Blair Athol.
Shares were trading 1.75 per cent higher today at 58 cents each at 12:48 pm AEST.