Trevali refinances credit facility
Zinc miner Trevali has refinanced its credit facility and managed to secure an improved pricing, which should save the miner up to $5-million over a four-year term, it announced on Wednesday.
Trevali entered into an amended and restated credit agreement with a syndicate of lenders for a $275-million revolving credit facility, which replaced the $160-million term loan facility and the $30-million revolving facility entered into in August 2017.
The new facility will bear interest on a sliding scale at a rate of London Interbank Offered Rates plus between 2% and 3%, or at a base rate plus between 1% and 2%, based on the company’s consolidated leverage ratio.
Commitment fees for the undrawn portion of the facility will also be on a sliding scale between 0.45% and 0.675%.
The four-year facility will mature on September 18, 2022.
“We are very pleased to complete the refinancing of our credit facility and for the improved pricing that we have secured,” stated Trevali president and CEO Mark Cruise.
The lending syndicate is comprised of the Bank of Nova Scotia, HSBC Bank Canada, Société Générale, Bank of Montreal, the Toronto-Dominion Bank, National Bank of Canada and ING Capital.
Trevali owns the Santander mine in Peru, the Caribou mine in the Bathurst Mining Camp of northern New Brunswick, the 90%-owned Rosh Pinah mine in Namibia and the 90%-owned Perkoa mine in Burkina Faso.
The shares of Trevali are listed on the TSX, the OTCQX, the Lima Stock Exchange and the Frankfurt Exchange.
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