Pretivm refinances Brucejack construction loan
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.
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