Capstone Mining has extended and amended its $300 million corporate revolving credit facility to July 25, 2022, with Canadian Imperial Bank of Commerce as administrative agent and Bank of Nova Scotia as joint bookrunner.

The amended RCF has removed the 50-basis point increase in the pricing grid which was meant to be effective April 19, 2019; the rate will remain at LIBOR plus 2.75% based on the current net debt to EBITDA ratio (see below for pricing grid).

In addition, the amendment removes future amortizations of the credit limit on each anniversary of the facility.

“The improved revolving credit facility reflects Capstone’s balance sheet strength with peer-leading low leverage ratios,” said Darren Pylot, president & CEO of Capstone. “Our balance sheet will be further strengthened with the removal of an annual amortization of the credit facility, thereby providing additional working capital for expansion opportunities, and the improved pricing grid translates to annual savings of approximately US$1 millionin interest payments.”

Other syndicate lenders include Wells Fargo Bank, Citibank, Bank of Montreal, ING Capital and National Bank Financial.

Capstone Mining is a Canadian base metals mining company, focused on copper.