Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or
the “Company”) is pleased to announce that it has amended its
existing senior secured revolving credit facility (the "Amended
Credit Facility") to increase the aggregate commitments from $75
million to $150 million and extend the maturity from March 2025 to
December 2026. The Amended Credit Facility will bear interest on a
sliding scale of SOFR plus an applicable margin of 2.00% to 4.00%
depending on the Company’s consolidated leverage ratio. Commitment
fees for the undrawn portion of the Amended Credit Facility will
also be based on a sliding scale ranging from 0.45% to 0.90%. The
Amended Credit Facility is expected to close by December 23, 2022,
subject to customary closing conditions.
The Company's pro forma liquidity position as of
September 30, 2022 is approximately $510 million, including cash
and cash equivalents of approximately $210 million, short-term
investments of approximately $150 million, and $150 million of
undrawn availability under the Amended Credit Facility.
"We are pleased to have achieved improved terms
on our senior secured revolving credit facility, including a 25
basis point reduction to our applicable margin on drawn funds,
reduced standby fees on undrawn commitments and extended maturity
to the end of 2026," stated Wayne Drier, Chief Financial
Officer.
The Amended Credit Facility includes standard
and customary terms and conditions with respect to fees,
representations, warranties, and financial covenants. The Bank of
Montreal acted as Administrative Agent, Joint Lead Arranger, and
Sole Bookrunner, The Bank of Nova Scotia acted as Joint Lead
Arranger, and Canadian Imperial Bank of Commerce acted as
Documentation Agent.
A copy of the Amended Credit Facility agreement
will be filed on SEDAR and EDGAR.
ABOUT ERO COPPER CORP
Ero Copper Corp is a high-margin, high-growth,
clean copper producer with operations in Brazil and corporate
headquarters in Vancouver, B.C. The Company's primary asset is a
99.6% interest in the Brazilian copper mining company, MCSA, 100%
owner of the Company's Caraíba Operations (formerly known as the
MCSA Mining Complex), which are located in the Curaçá Valley, Bahia
State, Brazil and include the Pilar and Vermelhos underground
mines, the Surubim mine, and the Tucumã Project (formerly known as
Boa Esperança), an IOCG-type copper project located in Pará,
Brazil. The Company also owns 97.6% of NX Gold S.A. which owns the
Xavantina Operations (formerly known as the NX Gold Mine), namely
comprised of an operating gold and silver mine located in Mato
Grosso, Brazil. Additional information on the Company and its
operations, including technical reports on the Caraíba Operations,
Xavantina Operations and Tucumã Project, can be found on the
Company's website (www.erocopper.com), on SEDAR (www.sedar.com),
and on EDGAR (www.sec.gov). The Company’s shares are publicly
traded on the Toronto Stock Exchange and the New York Stock
Exchange under the symbol “ERO”.
FOR MORE INFORMATION, PLEASE
CONTACT
Courtney Lynn, VP, Corporate Development & Investor
Relations(604) 335-7504info@erocopper.com
CAUTION REGARDING FORWARD LOOKING INFORMATION
AND STATEMENTS
This press release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities
legislation (collectively, “forward-looking statements”).
Forward-looking statements include statements that use
forward-looking terminology such as “may”, “could”, “would”,
“will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”,
“estimate”, “forecast”, “schedule”, “anticipate”, “believe”,
“continue”, “potential”, “view” or the negative or grammatical
variation thereof or other variations thereof or comparable
terminology. Forward-looking statements may include, but are not
limited to, statements with respect to the successful closing and
the closing date associated with the Credit Facility, the interest
rate of the Credit Facility and future cost of borrowing.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual results, actions, events, conditions,
performance or achievements to materially differ from those
expressed or implied by the forward-looking statements, including,
without limitation, risks discussed in this press release and in
the Company's Annual Information Form for the year ended December
31, 2021 and dated March 11, 2022 (the "AIF") under the heading
“Risk Factors”.
Forward-looking statements are not a guarantee
of future performance. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements involves
statements about the future and are inherently uncertain, and the
Company’s actual results, achievements or other future events or
conditions may differ materially from those reflected in the
forward-looking statements due to a variety of risks, uncertainties
and other factors, including, without limitation, those referred to
herein and in the AIF under the heading “Risk Factors”.
The Company’s forward-looking statements are
based on the assumptions, beliefs, expectations and opinions of
management on the date the statements are made, many of which may
be difficult to predict and beyond the Company’s control.
Forward-looking statements contained herein are
made as of the date of this press release and the Company disclaims
any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or results or
otherwise, except as and to the extent required by applicable
securities laws.
Ero Copper (NYSE:ERO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Ero Copper (NYSE:ERO)
Historical Stock Chart
From Oct 2023 to Oct 2024