Pan Pacific Aggregates secures lower interst mortgage deal

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.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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