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Lucara Secures Credit Approved US$220 Million Senior Debt Facilities for the Underground Expansion of the Karowe Mine and Extends Availability of its Working Capital Facility
Lucara Secures Credit Approved US$220 Million Senior Debt Facilities for the Underground ...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n \n \n \n Lucara Secures Credit Approved US$220 Million Senior Debt Facilities for the Underground Expansion of the Karowe Mine and Extends Availability of its Working Capital Facility\n \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 Canada NewsWire\n \n \n \n \n \n VANCOUVER\n \n ,\n \n May 5, 2021\n \n /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)\n \n \n Lucara Diamond Corp. is pleased to announce that it has received credit approved commitments from a syndicate of five Mandated Lead Arrangers (the \"MLAs\") for a senior secured project financing debt package of up to\n \n US$220 million\n \n (the \"Facilities\") to fund the underground expansion at Lucara's 100% owned Karowe Mine (\"Karowe\") in Botswana.\n \n Please view PDF version\n \n \n \n The Facilities will include two tranches: A project finance facility of\n \n US$170 million\n \n to fund the development of the underground project, and a working capital facility of\n \n US$50 million\n \n to support the on-going operation of the Karowe open pit mine. Financial closing of the Facilities is subject to satisfactory completion of definitive documentation, and satisfaction of certain terms and conditions, including appropriate KYC checks.\n \n \n The MLAs are ING Bank N.V. (\"ING\"), Natixis (\"Natixis\"), Societe Generale,\n \n London\n \n Branch (\"Societe Generale\"), Africa Finance Corporation (\"AFC\") and Afreximbank (\"Afrexim\").\n \n \n Eira Thomas, President and CEO commented: \"Securing credit commitments for the arrangement of +$200 million senior debt facilities from five leading international financial institutions, with significant mining and metals track records and experience in\n \n Africa\n \n , is an important achievement for Lucara and a strong endorsement of our underground expansion plans.  The Karowe diamond mine remains one of the world's highest margin diamond mines and in just over eight years of production, has yielded 4 of the 10 largest diamonds in recorded history, including the 1,758 carat Sewelô, the largest diamond recovered from\n \n Bots...