Business
Largo Resources Announces Repurchase of US$16.2 Million of its 9.25% Senior Secured Notes Due 2021
Largo Resources Announces Repurchase of US$16.2 Million of its 9.25% Senior Secured Notes ...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Resources Announces Repurchase of US$16.2 Million of its 9.25% Senior Secured Notes Due 2021\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 12, 2018\n\n\n\nTORONTO, Dec. 12, 2018 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQX: LGORF) announces today that it has repurchased and retired US$16.2 million in aggregate principal amount plus premium and accrued and unpaid interest in consideration for the payment of US$17 million in cash. Following this repurchase for cancellation the remaining aggregate principal amount outstanding on the Company's 9.25% Senior Secured Notes due 2021 (the \"Notes\") is US$118.8 million, representing a decrease of approximately 12%. The Notes were repurchased at 104.25% which is well below the premium the Company would have been required to pay pursuant to the repurchase mechanisms set out in the indenture governing the Notes. The Company worked with Jefferies LLC who arranged for and facilitated the repurchase of the Notes.\nMark Smith, Chief Executive Officer for Largo, stated: \"We are very pleased that when the opportunity arose, Largo's solid balance sheet and liquidity allowed the Company to repurchase and retire a portion of its outstanding Notes in a timely manner. Going forward, Largo will continue to look for strategic investments that yield significant returns on investment while at the same time maximizing the Company's shareholder value.\"\nAbout Largo Resources\nLargo is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol \"LGO\". For more information on Largo, please visit our website at www.largoresources.com.\nForward-looking Statements\nThis press release contains forward-looking information under Canadian securities legislation.  Forward-look...