Sandfire Resources (ASX:SFR) has secured a $650 million corporate revolver facility (CRF), replacing its existing facility, according to a Wednesday filing with the Australian bourse.
The funds will be primarily used to repay $440 million of debt from the company's MATSA copper project in Spain and Motheo project in Africa, with the remaining balance allocated for general corporate purposes, the filing said.
The CRF is provided by a syndicate of global financial institutions, including ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Banco Santander, Standard Chartered Bank, Citibank, and Hongkong and Shanghai Banking Corporation, among others, the filing added.
The four-year unsecured facility simplifies Sandfire's capital structure, reduces financing costs, and boosts free cash flow, with a bullet repayment due in March 2029, the company said.
The initial drawdown from the facility is subject to customary conditions, the company added.
The mining firm's shares rose 2% in recent trade.
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