North American Palladium announced it extended its $60 million revolver with The Bank of Nova Scotia by a year on the same terms and conditions, which includes U.S.-based loans interest at LIBOR plus 4.5%, to July 3, 2015.

The credit facility is secured by first priority security on the company’s accounts receivables and inventories and second priority security on fixed assets.

The company also announced it returned to a reduced interest rate on its senior secured term loan with Brookfield Capital Partners. It made a payment of approximately $23.4 million to Brookfield, representing $16.2 million of accrued interest and $7.2 million of the associated pre-payment fee. Per a letter agreement with Brookfield, in consideration of the $23.4 million payment and the capitalization of the remaining $16.2 million of accrued and unpaid interest, the company will revert to quarterly cash payments at a 15% interest rate with the first such cash interest payment on September 30, 2014. All other terms and conditions of the senior secured term loan remain unchanged. The outstanding balance under the senior secured term loan is approximately $173.2 million on July 1, 2014. The senior secured term loan is secured by first priority security on the company’s fixed assets and second priority security on accounts receivables and inventories.

NAP is an established precious metals producer that has been operating its Lac des Iles mine, located in Ontario, Canada, since 1993.