Oct 26 (Reuters) - Lynas Corp Ltd LYC.AX :
* Announce proposed, substantive amendments to its debt facilities with Jare and convertible bondholders
* Term of both debt facilities will be extended by approximately 2 years, with Jare facility maturing in june 2020
* If amendments to convertible bonds are not approved by shareholders and FIRB, amendments to debt facility with Jare will cease to have effect
* There will be no fixed principal repayments from unrestricted cash during term of facilities
* Interest rates on both debt facilities will be reduced significantly
* "Principal balances of both facilities will be repayable in 2020"
* Under amendments, Lynas will defer until maturity fixed instalments totalling us$50 million that are due to Jare, under current agreement, by Dec 2017
* Directors unanimously recommend that shareholders vote in favour of proposed convertible bond amendments at agm on 30 november 2016
* Bondholders will be issued 348.8 million warrants each of which entitles holder to one share upon payment of strike price of a$0.05 per share
* Directors concluded that approval of proposed amendments is important to assist continued operation of Lynas business as a going concern
* Board is concerned at ability of Lynas to continue to operate as a going concern Source text for Eikon: Further company coverage: LYC.AX