Thompson Creek Terminates Revolver to Gain Flexibility
Monday, February 08, 2010
Molybdenum producer Thompson Creek Metals Company announced that it has increased its financial flexibility by voluntarily terminating an existing $35 million credit facility, which was established when the company was in a substantially different financial position and which is no longer meeting its business needs.
As of January 29, 2010, Thompson Creek had cash and short-term investments of approximately $507 million and no debt except for outstanding equipment loans of approximately $13 million.
The termination of the first lien revolving collateralized line of credit facility, effective February 2, 2010, will provide Thompson Creek with more financial flexibility by releasing the liens on the company's assets securing this facility. In addition, the associated administrative and unused credit facility fees will be eliminated. The facility was scheduled to mature on October 26, 2011.
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