TORONTO, Aug. 28, 2019 /CNW/ - (TSX: LUN; Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin
Mining" or the "Company") announces that it has executed a third
amended and restated credit agreement that increases its secured
revolving credit facility (the "Credit Facility") to
$800 million with a $200 million accordion option, reduces the cost
of borrowing and extends the term to August
2023, from October 2022. View
PDF
Ms. Jinhee Magie, Senior Vice
President and Chief Financial Officer, commented, "We thank our
lenders for their continuing support in the increase and extension
of our revolver. With this low-cost facility, our strong balance
sheet and cash flow from operations, Lundin Mining maintains
significant financial liquidity and flexibility."
This amendment and restatement increases available Permitted
Indebtedness and Lien allowances and includes additional revisions.
The amended Credit Facility bears interest on US dollar denominated
drawn funds at rates of LIBOR+1.75% to LIBOR+2.75% depending upon
the Company's net leverage ratio, reduced from LIBOR+1.875% to
LIBOR+3.00% previously.
The Bank of Nova Scotia and ING
Capital LLC have acted as Joint Lead Arrangers and Joint
Bookrunners. The Bank of Nova
Scotia continues as the Administrative Agent, ING Capital
LLC as the Syndication Agent and Bank of Montreal as the Documentation Agent, in the
syndicate along with Bank of America N.A., Canada Branch, Royal Bank of Canada, Skandinaviska Enskilda Banken AB and
The Toronto-Dominion Bank as lenders.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations in Brazil,
Chile, Portugal, Sweden and the
United States of America, primarily producing copper, nickel
and zinc. In addition, Lundin Mining holds an indirect 24% equity
stake in the Freeport Cobalt Oy business, which includes a cobalt
refinery located in Kokkola, Finland.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on August 28, 2019 at 4:30 pm
Eastern Time.
SOURCE Lundin Mining Corporation