Business
Orla Mining Amends Credit Facility
Orla Mining Amends Credit Facility Canada NewsWire Strengthens Financial Flex...
About this update from Orla Mining Ltd.
[{"type":"text","content":"\n \n \n \n Orla Mining Amends Credit Facility\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Strengthens Financial Flexibility and Lowers Cost of Capital\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 29, 2023\n \n \n /CNW/ -\n \n Orla Mining Ltd.\n \n (TSX: OLA) (NYSE: ORLA) (\"Orla\" or the \"Company\") is pleased to announce that the Company has amended its existing\n \n US$150 million\n \n credit facility (the \"Amended Credit Facility\") with its existing syndicate of lenders comprised of The Bank of\n \n Nova Scotia\n \n , Bank of\n \n Montreal\n \n , and Canadian Imperial Bank of Commerce. The Amended Credit Facility consists of a\n \n US$150 million\n \n revolving term facility.\n \n \n \n \n \n \n \n \n \n \n Amended Credit Facility Highlights:\n \n \n \n \n \n Facility size:\n \n \n US$150 million\n \n revolving facility, with the ability to increase the facility to\n \n US$200 million\n \n , subject to receipt of additional binding commitments and satisfaction of certain conditions precedent. The Amended Credit Facility replaces the Company's existing facility, which consisted of a\n \n US$100 million\n \n term facility expiring in\n \n April 2027\n \n and\n \n US$50 million\n \n revolving facility expiring in\n \n April 2025\n \n .\n \n \n \n Term:\n \n 4-year term, extending the term on the Company's existing revolving facility by two years. Full repayment of the facility is due upon maturity (\n \n August 28, 2027\n \n ).\n \n \n \n Interest rates\n \n : The interest rate for the Amended Credit Facility will be based on the term SOFR rate, plus an applicable margin ranging from 2.50% to 3.75% based on the Company's leverage ratio at the end of each fiscal quarter. This represents a 25 basis point decrease to the lower end of the range compared to the Company's previous facility. The standby fee for the undrawn portion of the facility has also been lowered from 25% to 22.5% of the applicable margin.\n \n \n \n \"This refinancing provides Orla with additional flexibility to...