Detour Gold amended its $135 million senior secured credit facility, now comprised of an $85 million revolving credit facility (previously $90 million) and a $50 million letter of credit facility (previously $45 million).

The facility is co-lead by BMO Capital Markets and Canadian Imperial Bank of Commerce and includes commitments from Commonwealth Bank of Australia, Royal Bank of Canada and The Toronto-Dominion Bank.

The term of the facility was extended from March 8, 2016 to August 31, 2017 and is available for financial assurance and general corporate purposes. All amounts are in Canadian dollars.

Other significant amendments to the facility include the elimination of the Completion Test and more flexible financial covenants. The maximum leverage ratio will now be 4.51 at June 30, 2015 (versus the prior 3.51 ratio) and declining to 3.51 after September 30, 2016, and the minimum interest coverage ratio will now be 3.01 at June 30, 2015 (versus the prior 3.51 ratio) and increasing to 3.51 after September 30, 2016.

As of the date of this release, the company has no amount drawn under the revolving credit facility and $42.6 million drawn under the letter of credit facility.

Detour Gold is an intermediate gold producer in Canada that holds a 100% interest in the Detour Lake mine, a long life large-scale open pit operation.