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Aurelia Metals accelerates repayment of A$109.6M debt to Glencore

Aurelia Metals Ltd. said Aug. 3 that it struck an agreement with Glencore Plc to accelerate its debt repayment at a discounted rate to reflect the interest revenue foregone by the company.

The company made an initial A$10 million repayment on the same day and has the option to continue making early repayments up to March 31, 2018, the initial due date of the first debt repayment.

Early repayments will be applied against nonconvertible facilities amounting to A$23.3 million and A$4.2 million, respectively, following completion of the first repayment, and will reduce the convertible balance of two other facilities amounting to A$54.4 million and A$17.6 million.

Aurelia Metals noted that it had a total of A$109.6 million in debt to Glencore as of June 30, comprising A$37.6 million in senior debt and A$72 million in convertible debt.