Scotiabank, Others Arrange Mountain Province Facility
Mountain Province Diamonds announced the company received credit approval for the previously announced $370 million term loan facility.
For reasons unrelated to the specifics of the transaction or the Gahcho Kué project, Deutsche Bank A.G. was replaced as a mandated lead arranger by the Bank of Nova Scotia (Scotiabank). Natixis S.A. and Nedbank Limited remain joint mandated lead arrangers with Scotiabank.
Mountain Province CEO Patrick Evans said, “We welcome Scotiabank to the lending syndicate and are very pleased to have Canada’s leading lender to the mining industry as part of the lending group. Significant progress was made to complete due diligence prior to the end of 2014 and credit approval has now been received from the lead arrangers.”
Finalization of the facility remains subject to conditions, including agreement on facility documentation and syndication, which are expected shortly. Drawdown against the facility is subject to arrangement of a cost overrun facility.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories.