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/R E P E A T -- Largo Resources Agrees to Repurchase Additional US$47.8 Million of its 9.25% Senior Secured Notes Due 2021/
/R E P E A T -- Largo Resources Agrees to Repurchase Additional US$47.8 Million of its 9.2...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\n/R E P E A T -- Largo Resources Agrees to Repurchase Additional US$47.8 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, Dec. 31, 2018\n\n\n\nThis Repurchase Represents a 51% Reduction of the Company's Outstanding Notes TORONTO, Dec. 31, 2018 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQX: LGORF) is pleased to announce that it has agreed to repurchase and retire US$47.8 million in aggregate principal amount plus premium and accrued and unpaid interest in consideration for the payment of US$51.2 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\") will be US$45.0 million, representing a significant decrease of approximately 51% to the current outstanding Notes. The Company is working with Jefferies LLC who will arrange for and facilitate the repurchase of the Notes effective January 28, 2019 at 105.625%.\nMark Smith, Chief Executive Officer for Largo, stated: \"Following this repurchase and retirement for US$47.8 million, Largo will have significantly reduced its total outstanding Notes by approximately 70% since May 22, 2018. In addition, the Company has been in a net cash1 position since earlier in the quarter, which further supports its ability to pay off all its debts in the near-term.\"\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 principa...