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Largo Resources Ltd. announces binding term sheet in respect of the restructuring of remaining debt facilities with Banco Pine
Largo Resources Ltd. announces binding term sheet in respect of the restructuring of remai...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Resources Ltd. announces binding term sheet in respect of the restructuring of remaining debt facilities with Banco Pine\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; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen1{\nBORDER-TOP:0pt; BORDER-RIGHT:0pt; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt; BORDER-LEFT:0pt\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 8, 2018\n\n\n\nTORONTO, March 8, 2018 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQB: LGORF) is pleased to announce that it, along with its operating subsidiary, Vanádio de Maracás S.A. (\"Vanádio\"), have entered into a binding term sheet (the \"Agreement\") for the restructuring and conversion of Vanádio's existing debt facilities with Banco Pine S.A (the \"Lender\"). \n\nThe existing facilities comprise a BRL $97,794,854 credit facility (including accrued interest) between Vanádio and the Lender and guaranteed by Largo (the \" Facility\").  Under the terms of the Agreement, Largo will acquire from the Lender approximately USD $9,000,000 (approximately BRL $28,794,854) of face value of the outstanding amount of the Facility (the \"Initial Payment\") and the remaining amount outstanding under the Facility will then be amended to provide for, among others, the following terms:\n\n\n\n\n(i)    \n\n\na maturity date 7 years from the date of execution;\n\n\n\n\n\n\n(ii)   \n\n\na floating interest rate equal to 115% of CDI1; \n\n\n\n\n\n\n(iii)  \n\n\nany interest accruing during the first 12 months from the Initial Payment shall be paid at the end of such first year. Thereafter interest shall be paid on a semi-annual basis until December 2021. From January 2022 until the maturity date interest shall be paid monthly;\n\n\n\n\n\n\n(iv) \n\n\nno ou...