UPDATE 1.55pm: Western Areas says it has negotiated a revised $125 million financing facility with ANZ Bank, extending until March 2016.

The company said the terms and conditions were confidential, but typical for the style of banking arrangement and materially consistent with the previous facility.

Western Areas said the rates and fees on the facility were competitive.

The facility remained undrawn and should cover the company's entire $110m bond repayment due in July 2014.

Managing director Dan Lougher said the revised facility would add significant flexibility to Western Areas' balance sheet and give the company access to a committed line of finance to act on opportunities as they presented themselves.

"Most importantly it eliminates any perceived refinance risk that relates to the July 2014 maturity of the second tranche of convertible bonds," he said.