application, pre-payments, maturities........

[higurashi]

Hello,

I am struggle with a sentence in a company's press release. The article tells that they amend credit facility and term loan agreement.

The amendment changes the application of any term loan pre-payments from pro-rata maturities to the chronological order of maturities.

I checked every words with my dictionary but it didn't help me to understand what the whole sentence imply.

First, what does "application of any term loan pre-payments" mean? I would understand it if its an application of loan. Do "pre-payments" require any application or the word "application" here mean something special?

Second, about "maturities". My dictionary says it means "deadline" but does not make sense to me. I don't understand the relation between "application" and "maturities".

Thank you,
Higurashi

[Tdol]

Would pre-payment be paying back the loan early?

[higurashi]

Tdol-san,

I don't know this pre-payment would pay back the loan early but I think it would reduce their debt amount.

Thank you,
Higurashi