Business
Eldorado Gold Announces Partial Drawdown of Credit Facility
VANCOUVER, British Columbia, March 30, 2020 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or “the Company”) reports that it has drawn $150 million
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, March 30, 2020 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or “the Company”) reports that it has drawn $150 million under its revolving credit facility as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. The Company has no immediate need for the funds, however proceeds will be used for general corporate purposes, as required. The Company is also reviewing its 2020 sustaining and growth capital budget and will reduce expenditures if required. The monies have been drawndown under the Company’s $450 million Third Amended and Restated Senior Credit Facility dated June 5, 2019. The applicable interest rate on the funds is a function of the Company’s net leverage ratio as at the last day of the most recently completed fiscal quarter and is based on the London Interbank Offering Rate (“LIBOR”) plus a premium of 2.25%-3.25%. “We are continuing to take proactive steps to protect our people and our business and have commenced task observations at our operations to ensure that work is being done appropriately with respect to control measures such as social distancing,” said George Burns, President and CEO. “Further, although we have no immediate need for the funds, drawing on our credit facility is financially prudent at this time. We would like to acknowledge our lenders and all external stakeholders for continuing to support us, our workforce and the local communities relevant to our business.” The Company continues to monitor the operating environment closely in the jurisdictions where it operates. Eldorado has implemented additional controls at all its operations and offices around the globe to further protect the health and safety of its workforce, their families and neighboring communities, which include: Task observations to ensure that workplace controls in place are effective in maintaining physical distance. Procedures will be modified where necessary to create distance. Tasks that cannot be effectively modified will be discontinued until an appropriate change is implemented. Advising employees to stay at home if they are at risk or have family members at home at risk. About Eldorado Gold Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Gr...