Allens has advised the lenders to Australian leading lithium producer Pilbara Minerals Limited on a $1 billion revolving credit facility.
The facility replaces Pilbara Minerals' existing loan facility, providing greater financial flexibility for refinancing and general corporate and working capital purposes.
The lender group, comprised of a number of domestic and international banks, who will provide two separate $500 million facilities with tenors of four and five years respectively.
'We are pleased to have advised the lenders on this significant funding package, which provides important capital to the largest independently owned hard rock lithium company in the world,' said lead partner Rob Watt.
'It is particularly pleasing to close this transaction in spite of recent volatility in the lithium market, given the crucial, long-term need for lithium to power the world's energy transition. It is a strong endorsement of the Company's financial strategy by the domestic and international bank markets.'
The lender group includes BNP Paribas, Commonwealth Bank of Australia, National Australia Bank Limited, HSBC Limited, Societe Generale and ING Bank.
Allens is a leading adviser on resources financing, having advised on the financing of leading critical minerals miners and their projects in the Australian market.
