Capstone Copper amended its existing revolving credit facility to increase the aggregate commitments from $600 million to $700 million and extend the maturity from May 2026 to September 2027. The amended credit facility will bear interest on a sliding scale of adjusted term SOFR plus a margin of 2.000% to 2.875%.
The company’s pro forma available liquidity position as of June 30, 2023 is approximately $520 million, including cash, cash equivalents and short-term investments of approximately $118 million, and $402 million of undrawn availability under the amended credit facility.
The amended credit facility includes standard and customary terms and conditions with respect to fees, representations, warranties and financial covenants. The Canadian Imperial Bank of Commerce (CIBC) acted as administrative agent, joint bookrunner and co-lead arranger. The Bank of Nova Scotia and ING Bank acted as joint bookrunners and co-lead arrangers.
“This represents a further step towards right sizing our credit facility to support our growth pipeline, highlighted by our Mantoverde Development Project which remains on-time and on-budget. We are pleased to have achieved competitive terms and an extended maturity to 2027,” Raman Randhawa, CFO of Capstone, said.
