Scotiabank Increases Lucara Revolver
Lucara Diamond announced that it has renewed its revolving term credit facility with The Bank of Nova Scotia for a three-year term and an increased limit of $50 million.
William Lamb, president and CEO of Lucara Diamond, commented, “We are delighted with the continued demonstration of Scotiabank’s support of our business plan and strategy. While Lucara continues its strong cash flow generation the credit facility provides for future risk mitigation and allows the Company to react quickly to potential growth investment opportunities.”
The facility will contain financial and non-financial covenants customary for a facility of this size and nature. The applicable interest rate of any loan under the facility will be determined by the Company’s leverage ratio at any given time.