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Largo Resources Exercises Early Redemption Right to Repay US$15 million of its 9.25% Senior Secured Notes Due 2021
Largo Resources Exercises Early Redemption Right to Repay US$15 million of its 9.25% Senio...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Resources Exercises Early Redemption Right to Repay US$15 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, Sept. 19, 2018\n\n\n\nTORONTO, Sept. 19, 2018 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQX: LGORF) is pleased to announce today that it will redeem US$15 million in aggregate principal amount, representing 10% of the US$150 million aggregate principal amount currently outstanding, of its 9.25% Senior Secured Notes due 2021 (the \"Notes\") on September 20, 2018 (the \"Redemption Date\"). The Notes to be redeemed will be selected in accordance with the applicable procedures of The Bank of New York Mellon (\"BNY\"), as the depositary for the Notes, for partial redemptions. The redemption price will be equal to $1,050 per $1,000 principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, up to, but not including, the Redemption Date.\nFrom and after the Redemption Date, the redeemed Notes will no longer be outstanding and interest will cease to accrue on such redeemed Notes. The notice of partial redemption containing information required by the indenture governing the Notes, including the redemption price, was sent by the trustee to registered holders of the Notes on August 20, 2018.\nMr. Mark Smith, Largo's President and Chief Executive Officer, commented \"We are pleased to announce this early partial redemption of the Notes as it firmly demonstrates the Company's prioritization of debt repayment and is another step in furtherance of our goal to improve our capital structure and reduce our interest costs.\"\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 mo...