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Lucara Signs US$220 Million Senior Debt Facilities for Financing of the Underground Expansion and Ongoing Operations of the Karowe Mine
Lucara Signs US$220 Million Senior Debt Facilities for Financing of the Underground Expan...
About this update from Lucara Diamond Corp.
[{"type":"text","content":"\n \n \n \n Lucara Signs US$220 Million Senior Debt Facilities for Financing of the Underground Expansion and Ongoing Operations of the Karowe Mine\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, BC\n \n ,\n \n July 12, 2021\n \n /CNW/ - (TSX: LUC) (BSE:  LUC) (Nasdaq Stockholm: LUC)\n \n \n Lucara Diamond Corp. (\"Lucara\" or the \"Company\") is pleased to announce that it has signed loan documentation in relation to its previously announced senior secured project financing debt package of\n \n US$220 million\n \n (the \"Facilities\") between Lucara Botswana Proprietary Limited (\"Lucara Botswana\") as the Borrower and a syndicate of five mandated lead arrangers (\"MLAs\"). The MLAs are: African Export-Import Bank (Afreximbank), Africa Finance Corp., ING, Natixis, and Societe Generale, London Branch.  Afreximbank is acting as Facility Agent in connection with the Facilities.\n \n Please view PDF version\n \n \n \n The Facilities 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\n \n US$50 million\n \n working capital facility to re-finance the Company's existing debt and to support on-going operations.  The Facilities, combined with the recently announced equity financings totaling approximately\n \n US$30 million\n \n (the \"Initial Equity Contribution\") (\n \n link to news release\n \n ), and projected cash flows from the Karowe open pit mine, during the underground construction period, result in the Karowe Underground Expansion Project (the \"UGP\") being fully financed.\n \n \n Eira Thomas, President and CEO commented: \"Lucara is excited to be moving forward with a fully financed underground expansion project, extending Karowe's mine life to at least 2040 and projected to deliver at least\n \n US$4 billion\n \n in additional revenues using conservative diamond price assumptions. Securing credit commitments for the arrangement of\n \n US$220 million\n \n senior debt facilities from five leading in...