Pantoro Ltd (ASX:PNR, OTC:PNTOF) has repaid a Term Loan Facility with Nebari Partners LLC, restructuring the company’s balance sheet by removing US$29.63 million (A$44.45 million) in debt.
The repayment also removes about A$17.8 million in interest payments and principal for the 2025 financial year, and about A$11.4 million in interest payments over the remaining term of the loan.
Milestone in growth strategy
“Restructuring Pantoro’s balance sheet through the repayment of the term loan with Nebari is a significant milestone in Pantoro’s growth strategy,” Pantoro managing director Paul Cmrlec said.
“The savings in interest payments alone will go a long way to covering costs associated with growth capital.
“Nebari have been outstanding partners throughout the startup phase of the Norseman gold project.
“Their understanding of the difficulties that are faced in building a mine and their flexibility in addressing issues as they arose in the early phases of development have been critical in the successful evolution of the project and the company.
Pantoro still retained a US$12.5 million (A$18.8 million) convertible loan facility with Nebari, at a relatively low interest rate at a 3% margin above the Secured Overnight Financing Rate (SOFR), with no principal repayments required before the facility matures in June 2027.
The flexible funding will allow Pantoro to continue developing the flagship Norseman Gold Project, which holds a mineral resource estimate of 4.8 million ounces of gold with an ore reserve of 973,000 ounces.