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Mountain Province Diamonds Announces Private Offering of Senior Secured Second Lien Notes
Mountain Province Diamonds Announces Private Offering of Senior Secured Second Lien Notes ...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n\n\n\nMountain Province Diamonds Announces Private Offering of Senior Secured Second Lien Notes\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\nCanada NewsWire\nTORONTO and NEW YORK, Nov. 27, 2017\n\n\n\nTSX and NASDAQ: MPVD\n\n\n\nTORONTO and NEW YORK, Nov. 27, 2017 /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\", the \"Company\") (TSX and NASDAQ: MPVD) today announces that it intends to offer US$325,000,000 aggregate principal amount of senior secured second lien notes due 2022 (the \"Notes\") on a private placement basis.\n\nThe Notes will be guaranteed by each of the Company's subsidiaries and will be secured on a second-priority basis by substantially all of the Company's assets, including the Company's 49% participating interest in the joint venture related to the Gahcho Kué diamond mine.  The liens securing the Notes will be junior to liens securing a new US$50 million revolving credit agreement that the Company expects to enter into concurrently with the closing of the offering of the Notes.  The actual terms of the Notes, including the interest rate, and consummation of the offering, will depend on market and other conditions at the time of pricing of the Notes.\n\nMountain Province intends to use the net proceeds from the offering of the Notes, together with cash on its balance sheet, to fully repay and terminate its US$370 million project loan facility (of which US$357 million was outstanding as of September 30, 2017), to fully repay amounts owing to De Beers Canada, the operator of the Gahcho Kué diamond mine, for historic sunk costs related to the development of the mine (of which approximately C$48.5 million of costs and accumulated interest was outstanding as of September 30, 2017), and to pay related fees and expenses of the offering of the Notes and the entry into the new revolving credit agreement.\n\nThis news release is not an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation...