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Lundin Mining Announces Closing of $800 Million Term Loan with Additional $400 Million Accordion Available
Lundin Mining Announces Closing of $800 Million Term Loan with Additional $400 Million Accordion ...
About this update from Lundin Mining Corporation
[{"type":"text","content":"\n \n \n \n Lundin Mining Announces Closing of $800 Million Term Loan with Additional $400 Million Accordion Available\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 TORONTO\n \n \n ,\n \n \n July 27, 2023\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 a three-year term loan (\"Term Loan\") in a principal amount of $800 million, with an additional $400 million accordion becoming available upon receipt of additional binding commitments and closing of up to an additional nineteen (19%) interest in SCM Minera Lumina Copper Chile (\"Lumina Copper\") and satisfaction of relevant conditions precedent.\n \n \n The Company has used the Term Loan to refinance the drawdown under the existing\n \n $1\n \n .75 billion revolving credit facility used to fund the upfront cash consideration of\n \n $800 million\n \n for the acquisition of fifty-one percent (51%) 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 Company is working with the Co-Sustainability Structuring Agents to establish a sustainability-linked component to the Term Loan and the existing revolving credit facility. 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 Nova Scotia 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 Imperia...