Aurelia Metals has completed financial close on a A$150 million senior secured financing package, enhancing liquidity and releasing A$46 million of restricted cash.
- A$150 million senior secured financing achieved
- Includes A$110 million Rehabilitation Bonding Facility and A$40 million Revolving Credit Facility
- Replaces previous A$65 million bonding and undrawn US$14.55 million loan facilities
- Releases approximately A$46 million of restricted cash
- No amortisation, cash backing, or mandatory hedging requirements
Financial Close on New A$150 Million Package
Aurelia Metals Limited (ASX:AMI) has secured financial close on a substantial A$150 million senior secured financing package, marking a significant step in strengthening its balance sheet and boosting liquidity. This package, which was first announced in April 2026, comprises a A$110 million Rehabilitation Bonding Facility (RBF) and a A$40 million Revolving Credit Facility (RCF), both now fully available following the satisfaction of all conditions precedent.
Flexible Terms Replace Previous Facilities
The new financing replaces Aurelia’s prior A$65 million Rehabilitation Bonding Facility and an undrawn US$14.55 million Loan Note Advance facility previously provided by Trafigura Pte Ltd. Importantly, the updated structure includes three- and five-year tranches for the RBF and a three-year term for the RCF, all with no amortisation or cash backing requirements over their terms. The absence of mandatory hedging requirements provides Aurelia with additional financial flexibility.
This refinancing releases approximately A$46 million of restricted cash that had been held against rehabilitation bonds, freeing up liquidity to support ongoing operations and growth initiatives. The package was secured at competitive market pricing from a syndicate of global financial institutions, including Citi, Credeq (acting as agent for Swiss Re), and HSBC.
Strategic Implications for Aurelia’s Growth
Martin Cummings, Aurelia’s Chief Financial Officer, described the refinancing as the result of a deliberate and comprehensive process to secure a competitive and flexible funding arrangement. He highlighted that the strengthened balance sheet and increased liquidity provide long-term support for the company’s rehabilitation bonding requirements and position Aurelia well for its next phase of growth.
Trafigura remains involved with Aurelia as a concentrate offtaker, underscoring ongoing strategic partnerships despite the refinancing replacing their prior loan facility.
Facility Details and Covenants
The financing package is secured by first-ranking senior security over the majority of Aurelia’s assets, including those of certain wholly owned subsidiaries. Financial covenants include customary requirements such as Net Leverage Ratio, Interest Cover Ratio, Minimum Liquidity, Minimum Reserves, and Guarantor Coverage Test. The facility agent is Citi, with legal and advisory support provided by Bridgend Capital Advisory, Allens, MinterEllison, and ERM.
Bottom Line?
Aurelia’s new financing package delivers enhanced liquidity and flexibility, setting the stage for its ongoing growth and rehabilitation commitments without the burden of restrictive amortisation or hedging.
Questions in the middle?
- How will the release of A$46 million in restricted cash influence Aurelia’s capital allocation?
- What growth initiatives might Aurelia prioritise with the strengthened balance sheet?
- Could the flexible terms of the new facilities signal further refinancing or funding strategies ahead?