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IAMGOLD Announces $400 Million Term Loan Financing
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Toronto, Ontari...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Announces $400 Million Term Loan FinancingAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - May 16, 2023) - IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (\"IAMGOLD\" or the \"Company\") today announced that it has entered into a five year second lien secured term loan (the \"2nd Lien Term Loan\" or \"Term Loan\") in a principal amount of $400 million from three institutional lenders. The 2nd Lien Term Loan is part of the ongoing initiatives by IAMGOLD to proactively increase the strength of its balance sheet during the construction, commissioning and ramp up of the Côté Gold Project (\"Côté Gold\" or \"Côté\"). The construction budget and schedule of Côté Gold remains on track, with the project approximately 80% complete as of the end of March 2023. Oaktree Capital Management, L.P. (\"Oaktree\"), through funds managed by Oaktree, is the lead lender; with significant participation by Värde Partners and CI Global Asset Management. \"Following the strategic transactions announced at the end of last year, which have positioned IAMGOLD with sufficient funding to complete the construction and ramp up of Côté Gold as currently contemplated, the Company has continued to work on improving its balance sheet and liquidity. The announcement today is an important step for the Company in its objectives of putting in place a more appropriate capital structure and position itself for an ultimate return to the 70% ownership interest in Côté Gold in the future. Côté Gold remains on track for production in early 2024 and is a key pillar in our strategy to position IAMGOLD as a leading high margin gold producer,\" said Renaud Adams, President and Chief Executive Officer of IAMGOLD.Maarten Theunissen, Chief Financial Officer of IAMGOLD, commented, \"This Term Loan increases the financial flexibility and liquidity of the Company and is well suited to support the completion of the construction of the large scale, long life Côté Gold Project that is expected to produce significant cash flows once in production. The $490 million revolving credit facility, which was being used and forecast to be near fully drawn by completion of construction, is now expected to remain almost fully undrawn and provide ...