After being in a standstill agreement with its lender for six months and missing two refinancing deadlines, debt buyer Pioneer Credit has finally found new lenders.

Yesterday the company announced that it has executed a senior syndicated facility agreement with a syndicate of lenders arranged by Nomura Australia.

Pioneer said it hoped to settle the agreement by September 25. Following settlement it will release its 2019/20 financial report and have its shares reinstated for quotation on the ASX.

Pioneer had been looking to refinance A$141.6 million (plus interest) it owed to Project Robin LP, which is part of private equity firm Carlyle Group.

Standstill agreements between the parties had expired on July 17 and August 14.

Pioneer and Carlyle came together last December, when they entered into a scheme of arrangement for Carlyle to acquire Pioneer.

At the time Pioneer was in default with its lenders, Bankwest and Westpac, following a loss that was triggered by a change to the accounting treatment of its purchased debt ledgers. The loss put Pioneer in breach of its covenant.

Carlyle took over the senior facility agreement as part of the scheme. By March the takeover was off but the parties came to an agreement on the debt.

In a recent update, Pioneer said that at June 30 its cash position was $11.2 million and its purchased debt portfolio had a carrying value of $266.6 million.

It said cash receipts during the June quarter were $22.6 million and operating costs were $11.5 million.