OceanaGold announced it has completed an agreement for a new $200 million corporate revolving credit facility to replace existing facilities, due to mature on June 30, 2015.
The new facility will be used to repay the existing term facility of $117.8 million and replaces the existing undrawn revolving credit facility of $50 million. The company said the financing was provided by the company’s banking syndicate comprising Barclays Bank, BNP Paribas, Citibank, HSBC and Nedbank Capital.
The new facility which matures on 30 June 2017 has competitive financial terms and maintains standard corporate debt covenants.
Mick Wilkes, Managing Director and CEO said OceanaGold was pleased to finalize the agreement as it looks to continue to strengthen its balance sheet by repaying debt and increasing its cash position. The new facility also provides for additional liquidity and flexibility which can be used, as necessary, for general corporate purposes.
The completion of this agreement demonstrates the confidence our banking syndicate has in our operational and financial performance to date and into the future. We appreciate their support and we look forward to continuing our relationship as we focus on enhancing shareholder value, he said.
OceanaGold is a multinational gold producer with mines located on the South Island of New Zealand and in the Philippines.