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LONDON - Petra Diamonds Limited (LSE:PDL) has negotiated a brief extension for finalizing a commitment letter with its Senior Secured Bank Lender as part of its ongoing refinancing efforts, the company announced Thursday.
The diamond mining company now has until September 24, 2025, to enter into the commitment letter, following an extension of the original deadline that was established in the Lock-Up Agreement. The company stated it remains confident about securing the commitment letter within this timeframe.
According to the announcement, Petra does not expect this extension to impact the timeline for publishing a prospectus and shareholder circular regarding its planned Rights Issue. The company also indicated that the completion of its overall refinancing plan is still expected to occur in the fourth quarter of 2025.
The extension comes after Petra initially announced the terms of its proposed refinancing on August 8, 2025, followed by a status update on August 29, 2025. The refinancing plan had been previously agreed upon with certain key financial stakeholders.
No details were provided about the specific terms of the refinancing or the reasons behind the extension request.
The information in this article is based on a press release statement issued by Petra Diamonds Limited.
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