The company will repay a further A$20 million of debt, while lenders have agreed to reduce the minimum cash balance required to $15 million from $35 million.
“Following this $20 million repayment, we will have reduced our debt from more than $180 million in June 2016 to less than $85 million – cutting our interest cost by about $8 million a year,” Atlas CEO Cliff Lawrenson said.
“After evaluating other financing alternatives, we concluded that a staged repayment of the Term Loan is the best option for the company to preserve liquidity while strengthening our balance sheet. We will continue to evaluate financing alternatives on an ongoing basis.”
Atlas had $71 million cash and $34 million in its reserve ...