Alacer Gold announced the signing of a $250 million senior secured project finance facility with BNP Paribas, ING Bank and Societe Generale.
Alacer said the facility has a 7-year term, interest rates of LIBOR plus 2.5% to 2.95%, no mandatory gold hedging requirements and no early repayment penalties.
Rod Antal, Alacer’s president and chief executive officer, stated, “The facility represents yet another step forward in de-risking the Sulfide Project and further strengthens Alacer’s balance sheet enabling increased flexibility to advance growth. We are extremely pleased to have closed the agreement on very competitive terms with this lending syndicate.”
Cutfield Freeman and Stikeman Elliott acted as advisors to Alacer on the transaction.
Toronto-based Alacer is an intermediate gold mining company, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold owned 80% by Alacer and 20% by Lidya Mining.