Victoria Gold amended its credit facility, increasing the senior secured credit facility to $100 million from $75 million while decreasing the subordinated secured credit facility to $75 million from $100 million. The quantum of the combined credit facilities remains unchanged at $175 million.
The subordinated secured credit facility will continue to be held by Orion Mine Finance while the senior secured credit facility will be held by Societe Generale, Macquarie Bank and Caterpillar Financial Services. SocGen will act as administrative agent for the senior secured credit facility.
As of the current date, the company has drawn the entire $75 million subordinated secured credit facility and has drawn $65 million of the $100 million senior secured credit facility.
Separately, the company continues to have a master lease agreement with respect to a $50 million equipment financing facility with Cat Financial which has been substantially drawn.
“We have moved a portion of the subordinate facility over to the senior facility as there was strong demand from internationally distinguished lenders when Orion offered to syndicate the senior facility. On a combined basis, Victoria will pay a slightly lower interest rate,” said John McConnell, president & CEO. “Victoria enjoys a very positive relationship with our funding colleagues including Orion, Cat Financial and Osisko Gold Royalties. We now welcome well respected mining financiers SocGen and Macquarie as our newest funding partners.”
Victoria Gold’s 100%-owned Dublin Gulch gold property is situated in central Yukon Territory.
