Pioneer Credit (ASX:PNC) has strengthened its capital structure, securing a 15-basis point reduction on its AU$272.5 million syndicated senior finance facility, following a pricing improvement in October, according to a Thursday filing with the Australian bourse.
The updated facility margin of bank bill swap rate plus 435 basis points increases the company's annualized pre-tax interest savings to over AU$3 million, per the filing.
The company's shares rose 1% in recent Thursday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.