Pan Pacific Aggregates secures lower interst mortgage deal

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Pan Pacific Aggregates, the British Columbia-based aggregates company, has completed the remortgaging of its Quadling Quarry in the Fraser Valley Regional District, replacing its existing loan that was due to expire on June 30th.

The firm has agreed the terms of a CAN$1.67m with a 24-month repayment period which will be used to fund the old mortgage.

The new loan has an interest rate of 11.5%, compared to 13% on the previous one.

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Chairman Lynda Chase-Gardener said: "Following the successful placing last month, the remortgaging of our flagship quarry removes further uncertainty and puts PPA finances on a stronger and longer term footing."

The share price rose 11.11% to 2.50p.

NR