65 2022 ANNUAL REPORT Notes to the CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2022 (cont.) 14 INCOME TAX PAYABLE CONSOLIDATED 30 June 2022 30 June 2021 $’000 $’000 Income tax payable - - - - 15 FINANCIAL LIABILITY CONSOLIDATED 30 June 2022 30 June 2021 $’000 $’000 Nominal Interest Rate BBSY bid rate +4.0% BBSY bid rate +4.0% Loan Term 69 months 69 months Carrying Value 172,270 - Current borrowings 19,376 - Non-current borrowings 152,894 - 172,270 - On 17 March 2021 a $175 million debt facility commitment was announced with a syndicate comprising BNP Paribas, Australia branch, The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch and Macquarie Bank Limited. The key terms of the project financing facilities include: \ \ A$160 million senior secured project loan facility fully drawn; \ \ A$15 million cost overrun and working capital facility fully drawn; \ \ Loan term of 5.75 years, maturing on 30 September 2026; \ \ An interest rate in respect of the senior secured project loan facility of BBSY-bid plus a margin below 4.00% p.a.; \ \ Certain financial covenants; and \ \ Guaranteed and secured on a first-ranking basis over all Australian assets of Red 5, Greenstone Resources (WA) Pty Ltd, Opus Resources Pty Ltd and Darlot Mining Company Pty Ltd. The first draw-down on the debt facility took place in July 2021 and the first repayment of $10.303 million is scheduled for December 2022. Loan acquisition costs of $2.730 million have been off-set against the $175 million drawn down. Under the Syndicated Facility Agreement which governs the long term debt, the Company will be subject to covenants from the December 2022 quarter for which it has to report on a quarterly basis or in the event of a default.
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