N. American Palladium says senior secured term loan interest rate reduced

|About: North American Palladium, Ltd (PAL)|By:, SA News Editor

North American Palladium (PAL) +9.3% premarket after saying it has returned to a reduced interest rate on its senior secured term loan and its operating credit facility has been extended.

PAL says it made a $23.4M payment to its senior secured term loan lender; in consideration of the payment and the capitalization of the remaining $16.2M of accrued and unpaid interest, PAL will revert to quarterly cash payments at a 15% interest rate with the first such cash interest payment on Sept. 30.