Ecofibre (ASX:EOF) reached an agreement with its two unsecured lenders in Australia to extend the term of their loans, according to a Friday Australian bourse filing.
Its existing AU$7 million loan granted by James & Cordelia Thiele Trust Fund was partially due on Jan. 1, with the balance payable on July 15, the filing said.
It repaid AU$500,000 out of AU$1 million due in January, and the term of the remaining debt has now been extended.
The facility amount is now AU$6.5 million and the interest rate is 14%, which will be increased if the Reserve Bank of Australia's cash rate exceeds 5%.
Payments of AU$650,000 are now due on Jan. 1, 2026, and AU$750,000 are due on Jan. 1, 2027, with the balance due on Jan. 1, 2028.
The existing loan from Lambert Superannuation Fund was fully repayable on July 15 and has been extended as well.
The facility amount is now AU$3.5 million and the interest rate is 10%.
A AU$10,000 payment is due every month from April to June and AU$30,000 per month thereafter until the loan is repaid.
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