Business
Taseko Completes Debt Refinancing, Reducing Overall Debt and Extending Maturities to 2022
Taseko Completes Debt Refinancing, Reducing Overall Debt and Extending Maturities to 2022 ...
About this update from Taseko Mines Limited
[{"type":"text","content":"\n\n\n\nTaseko Completes Debt Refinancing, Reducing Overall Debt and Extending Maturities to 2022\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\nCanada NewsWire\nVANCOUVER, June 14, 2017\n\n\n\nVANCOUVER, June 14, 2017 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) (\"Taseko\" or the \"Company\") is pleased to announce that it has completed its offering of US$250 million aggregate principal amount of 8.75% Senior Secured Notes due 2022 (the \"Notes\"). The Company used the net proceeds of the offering, and a portion of its existing cash balance, to fund the redemption of its Senior Notes due 2019 and to repay its senior secured credit facility and the related copper call option.\n\nRussell Hallbauer, President and CEO of Taseko, stated, \"We are pleased to have reduced our outstanding debt with this transaction, while at the same time pushing out the maturity date to June 2022. Our balance sheet is much stronger today and provides the Company with the security and flexibility to manage our operations at Gibraltar and continue to advance our pipeline of projects. We felt that it was prudent to use a portion of our growing cash balance, from strong operating performance and the recent silver stream sale, to reduce our overall long-term debt.\" \n\nThe Company used the proceeds from the Notes offering (US$247.5 million) and a portion of its cash on hand (US$54.5 million), to fund the redemption of its outstanding Senior Notes due 2019 (the \"Existing Notes\") for US$203.8 million including accrued interest, to repay its senior secured credit facility for US$79.4 million including accrued interest, to buy-out a copper call option held by the credit facility lender (US$11.9 million) and for estimated transaction costs of US$6.9 million. \n\nThe Notes have not been registered under the U.S. Securities Act of 1933, as amended (the \"Securities Act\"), or the securities laws of any other jurisdiction. The Notes have not been qualified by a prospectus in Canada. Unless registered or qualified by a prospectus, the Notes may be ...