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Pretivm refinances Brucejack construction loan

4th October 2018

By: Creamer Media Reporter

     

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Intermediate gold producer Pretivm Resources has secured a commitment letter to refinance the Brucejack construction credit facility, ticking another milestone set out for the year, CEO Joseph Ovsenek announced on Thursday.

The commitment letter provides for a fully underwritten $480-million debt facility with the Bank of Nova Scotia, Societe Generale and ING Capital.

Upon execution of the loan documentation, the facility will be available by way of a $250-million senior secured amortising non-revolving credit facility and a $230-million senior secured revolving credit facility.

Pretivm will use the loan to refinance the existing Brucejack mine construction credit facility of about $423-million, which is due on December 31, 2018.

Funds from the revolving facility will also be available for general corporate purposes including, if necessary, the repurchase of 100% of the existing 8% precious metals stream.

The loan facility will mature four years from the closing date, which is expected this quarter.

“We are focused on execution and delivery at Pretivm, and securing a signed commitment letter to refinance our construction credit facility is another 2018 milestone we have delivered on,” said Ovsenek.

The Brucejack mine is in northern British Columbia.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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