HSBC Arranges 5N Plus Multi-Currency Revolver
5N Plus announced the signing of a new $125 million senior secured multi-currency revolving syndicated credit facility, which will replace its existing $100 million senior secured revolving facility.
In connection with the new credit facility, HSBC Bank acted as lead arranger and bookrunner, and the syndicate of lenders, led by HSBC Bank, as administrative agent, comprises six other banks and financial institutions.
The new credit facility is on a revolving basis, has a four-year term and carries interest at either prime rate, U.S. base rate, HK base rate or Libor plus a margin based on 5N Plus’ senior consolidated debt to EBITDA ratio.
At any time, 5N Plus has the option to request that the new credit facility be expanded to $150 million through the exercise of an additional $25 million accordion feature.
Richard Perron, chief financial officer of 5N Plus, said, “This credit facility provides the Company with an expanded and flexible credit line, at lower rates than the current credit facility. We are very happy to have the support of leading Canadian and international financial institutions towards funding our operations and growth initiatives.”
5N Plus is a producer of specialty metal and chemical products.