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Largo Resources Ltd. announces execution of new Brazilian bank facility and restructuring of its export facilities
Largo Resources Ltd. announces execution of new Brazilian bank facility and restructuring ...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Resources Ltd. announces execution of new Brazilian bank facility and restructuring of its export facilities\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nLargo Resources Ltd. announces execution of new Brazilian bank facility and restructuring of its export facilities\nCanada NewsWire\nTORONTO, March 2, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, March 2, 2016 /CNW/ - Largo Resources Ltd. (TSX-V:LGO) (\"Largo\" or the \"Company\") is pleased to announce that, further to its press release of January 29, 2016, Vanadio de Maracás SA (\"VMSA\"), the Company's operating subsidiary, has entered into definitive agreements with its consortium of existing commercial banks in Brazil (collectively, the \"Lenders\") for a new debt facility (the \"New Facility\") and the restructuring of its export credit facilities (the \"Export Facilities\") for its Maracás Menchen Mine. \n\nThe terms of the New Facility, consistent with the previously announced binding term sheet with the Lenders, include:\n\n\nWorking capital facility of up to R$104,596,000 (Brazilian reais), disbursed in 11 monthly payments over 2016. \nWorking capital facility in an amount equivalent to the mark-to-market value of the swap contract applicable to one of the Company's Export Facilities. \nMargin equal to the Interbank rate (CDI) + 5.70% per annum. \nTwo-year grace period on the payment of interest and principal, measured from the disbursement date. Quarterly repayment (in arrears) of the New Facility commencing after the end of the grace period. \nFinal maturity 84 months after the disbursement date. \nUse of proceeds strictly to pay interest and principal falling due under the Company's existing construction debt facility and to pay the swap settlements pertaining to one of the Company's Export Facilities.\n\nThe restructuring of the Export Facilities includes an amendment confirming that the principal and interest installments ...