Macreas, New Zealand
Photo by: OceanaGold Corp
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.