Anglo Asian’s debts are well supported by cash flow, although the loan itself is unsecured.
The announcement comes not long after the company projected that it would produce between 78,000 and 84,000 gold equivalent ounces from its mines in Azerbaijan this year.
The refinancing will releasing US$8.4mln of capital to accelerate 2018 expansion and optimisation plans, as the principal require for repayment this year will drop to just US$5.1mln from the previous US$13.5mln.
What’s more, the aggregate interest rate also drops and the company will save US$100,000 on interest payments.
A total of $13.5mln of the Facility will be utilised to repay existing loans to Amsterdam Trade Bank, Gazprombank, Anglo Asian chief executive Reza Vaziri and Yapi Credit Bank.