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Largo Resources Completes Repurchase of an Aggregate US$59.2 Million of its 9.25% Senior Secured Notes Due 2021
Largo Resources Completes Repurchase of an Aggregate US$59.2 Million of its 9.25% Senior S...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Resources Completes Repurchase of an Aggregate US$59.2 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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Jan. 30, 2019\n\n\n\nTORONTO, Jan. 30, 2019 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQX: LGORF) is pleased to announce that it has completed the repurchase and retirement of US$59.2 million in aggregate principal amount plus premium and accrued and unpaid interest. This repurchase and retirement includes US$47.8 million and US$8.1 million as previously announced December 31, 2019 and January 9, 2019, respectively, in addition to a further repurchase and retirement of US$3.3 million. The remaining aggregate principal amount outstanding on the Company's 9.25% Senior Secured Notes due 2021 (the \"Notes\") is now approximately US$33.6 million, representing a decrease of approximately 78% of its current total outstanding Notes since May 2018. The Notes were repurchased at 105.625% and the Company worked with Jefferies LLC who arranged for an facilitated the repurchase of the Notes.\nMark Smith, Chief Executive Officer for Largo, stated: \"Largo's outstanding debt balance is now approximately US$33.6 million and the Company remains in a net cash1 position beginning 2019 on a positive note. Following a record year of production for the Company, Largo looks forward to a great year ahead as it intends to retire the remainder of its outstanding debt on or before Q2 2019.\" \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 St...