Business
Mountain Province Diamonds Announces US$33.0 million Term Loan
Mountain Province Diamonds Announces US$33.0 million Term Loan Canada NewsWire ...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n \n \n \n Mountain Province Diamonds Announces US$33.0 million Term Loan\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 TSX and OTCQX: MPVD\n \n \n \n \n TORONTO\n \n and\n \n NEW YORK\n \n ,\n \n May 12, 2021\n \n /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\" or the \"Company\") (TSX: MPVD) (OTCQX: MPVD) today announces that it has amended and restated its credit agreement (the \"\n \n Transaction\n \n \") with Dunebridge Worldwide Ltd. (\"\n \n Dunebridge\n \n \"), as lender, adding a\n \n US$33.0 million\n \n term loan facility (the \"\n \n Term Facility\n \n \") to its existing\n \n US$25.0 million\n \n revolving credit facility (the \"\n \n Revolving Facility\n \n \").\n \n \n \n \n \n \n \n \n \n The Term Facility bears interest at a fixed rate of 10.0% per annum, payable monthly. In addition, a flat 5.0% fee is payable on each advance made thereunder. The Term Facility will reduce in size to\n \n US$22.0 million\n \n on\n \n July 15, 2021\n \n and mature on\n \n December 31, 2021\n \n . The Term Facility is available in two advances: a\n \n US$23.0 million\n \n advance on\n \n May 17, 2021\n \n and a\n \n US$10.0 million\n \n advance on\n \n June 11, 2021\n \n .\n \n \n The terms of the Revolving Facility were unchanged as a result of the Transaction.\n \n \n The independent directors of\n \n Mountain Province\n \n , comprised of Mr.\n \n Tom Peregoodoff\n \n , Ms.\n \n Karen Goracke\n \n , Mr.\n \n Dean Chambers\n \n , and Mr.\n \n Ken Robertson\n \n , all of whom are independent of management and the major shareholder of\n \n Mountain Province\n \n (the \"\n \n Independent Directors\n \n \"), undertook a deliberate and full consideration of the Transaction and various alternative financing options available to\n \n Mountain Province\n \n and concluded that the Transaction is reasonable and represents the best alternative for\n \n Mountain Province\n \n in the circumstances, having regard to the best interests of\n \n Mountain Province\n \n and its stakeholders. The Independent Directors have unanim...