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Lundin Mining Announces Closing of $350 million Term Loan in Connection with the Caserones Option Exercise
Lundin Mining Announces Closing of $350 million Term Loan in Connection with the Caserones Option...
About this update from Lundin Mining Corporation
[{"type":"text","content":"\n\n\n\n Lundin Mining Announces Closing of $350 million Term Loan in Connection with the Caserones Option Exercise\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\n\n\n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Aug. 2, 2024\n \n\n /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI)\n \n Lundin Mining Corporation\n \n (\"Lundin Mining\" or the \"Company\") is pleased to announce the closing of an increase to its existing term loan (\"Term Loan\"), maturing on\n \n July 27, 2027\n \n , in the principal amount of\n \n $350 million\n \n , in connection with the previously announced closing of an additional nineteen percent (19%) interest in SCM Minera Lumina Copper Chile (\"Lumina Copper\"). See press release dated\n \n June 26, 2024\n \n\n \"Lundin Mining Exercises Option to Increase Ownership in Caserones to 70% and Receives Commitments to Increase the Term Loan by\n \n $350 Million\n \n \".\n \n\n\n The Company has used the Term Loan to refinance the drawdown of the existing\n \n $1.75 billion\n \n revolving credit facility that was used to fund the upfront cash consideration of\n \n $350 million\n \n for the additional acquisition of nineteen percent (19%) of the issued and outstanding equity of Lumina Copper, which owns the Caserones copper-molybdenum mine in\n \n Chile\n \n .\n \n\n The Term Loan bears interest on US dollar denominated drawn funds at an annual rate equal to the Term Secured Overnight Financing Rate plus a credit spread adjustment plus an applicable margin of 1.60% to 2.65%, depending upon the Company's net leverage ratio. The Term Loan is unsecured, save and except for a charge over certain assets in\n \n the United States of America\n \n , and has similar covenants to the Company's existing\n \n $1.75 billion\n \n revolving credit facility.\n \n\n BMO Capital Markets, ING Capital LLC and The Bank of\n \n Nova Scotia\n \n have acted as Joint Lead Arrangers and Joint Bookrunners. Bank of\n \n Montreal\n \n is acting as Administrative Agent and Bank of\n \n Montreal\n \n , Canadian Imperial Bank of Commerce, ING Capital LLC and ...