Daily News: February 9, 2017

NBC, Deutsche Lead $250MM Facility for IAMGOLD

IAMGOLD secured commitments from a syndicate of lenders to increase its existing revolving credit facility to $250 million.

The syndicate was led by National Bank of Canada and Deutsche Bank and included Citibank, Canadian Branch, Resources Québec and Morgan Stanley Senior Funding.

Canadian financial partners Royal Bank of Canada, TD Bank and Export Development Canada joined the group of lenders for the facility, adding $80 million to bring the total to $250 million.

“IAMGOLD’s balance sheet is strong, ending 2016 with approximately $750 million in cash, cash equivalents and restricted cash, which exceeds the $489 million of our bonds that are due in October 2020,” said Carol Banducci, EVP and chief financial officer. “Further bolstering the company’s liquidity are today’s additional commitments from the lenders amounting to $80 million, bringing the corporate facility to a total of $250 million.”

IAMGOLD is a mid-tier mining company with four operating gold mines on three continents.