OceanaGold secures $200m revolver to replace existing facilities
TORONTO (miningweekly.com) – Triple-listed OceanaGold, which operates gold mines in New Zealand and the Philippines, on Friday reported that it had secured a new $200-million corporate revolving credit facility to replace existing facilities, due to mature on June 30, 2015.
The new facility would be used to repay the existing term facility of $117.8-million and replaced an existing undrawn revolving credit facility of $50-million.
The facility was financed by the company's banking syndicate comprising Barclays Bank, BNP Paribas, Citibank, HSBC and Nedbank Capital.
OceanaGold said the new facility, which matures on June 30, 2017, carries “competitive” financial terms and maintained standard corporate debt covenants.
OceanaGold MD and CEO Mick Wilkes said he was pleased to finalise the agreement as the company sought to strengthen its balance sheet by repaying debt and increasing its cash position.
The new facility also provided for more liquidity and flexibility, which could be used, as necessary, for general corporate purposes.
Allens provided the company with legal advice, while Gilbert + Tobin Lawyers was advising the banking syndicate.
For the three months to March, OceanaGold reported record revenue of $170.4-million and net profit of $58.9-million.
OceanaGold operates the Didipio gold/copper mine in the Philippines and the Macraes gold mine on New Zealand's South Island.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation