Pieridae Energy Ltd T.PEA

new financing ...

[downwithdotcom1]

financing details see below ...note: current SOFR was 5.05% on June 14, 2023 meaning the $120 mill USD portion roughly 12%,  close to the $30 mill portion bearing
13%. Did i not read somewhere that their CURRENT cost of capital was closer to 30%??  Anyone validate  or have additional comments pleae post....dwdc

• A USD $120 million 45-month senior secured credit facility (the “Senior Facility”) that bears interest at Secured Overnight Financing Rate (“SOFR”) + 6.75%, consisting of (i) a USD $25 million revolving loan, (ii) a USD $85 million amortizing term loan, and (iii) a USD $10 million delayed-draw amortizing term loan.
• A USD $30 million 51-month subordinated term loan (the “Subordinated Notes”) that bears interest at a 13% fixed rate.

PEL has also secured a CAD $20 million senior secured 18-month term loan (the “Bridge Term Loan”) from Third Eye Capital Corporation (“TEC”), the proceeds of which have been contributed to PAPL for general corporate purposes and repayment of indebtedness.

[commonsense101]

https://www.pieridaeenergy.com/news-release/pieridae-announces-successful-refinancing-lower-cost-debt-addition-commodity-hedges I'm looking through it.

[commonsense101]

Did i not read somewhere that their CURRENT cost of capital was closer to 30%??  Anyone validate  or have additional comments pleae post....  what you saw, up until a year of two ago, was that the full in cost of borrowing was over 22%, when an obscured "fee" to TEC got rolled into the cost of the term loan. That fee of $50m got rolled into the principle. Since then the

[commonsense101]

PEA reduced their borrowing cost a kittle over $1 million per quarter.