Tahoe Resources amended its credit agreement, giving the company access to a $175 million revolving credit facility plus a $25 million accordion feature.
The revised facility will mature on July 19, 2021. This facility is structured on the strength of Tahoe’s gold business alone, and access to the facility does not rely on, nor have covenants related to, the operation of Escobal.
Ron Clayton, president and CEO of Tahoe Resources, said, “We are extremely pleased with this revised credit facility. We view our banks as true partners and we are appreciative of their ongoing support of Tahoe, particularly over this last eight months. This new credit facility underscores, once again, the strength and value of our gold business.”
The Bank of Nova Scotia and HSBC Securities (USA) acted as co-lead arrangers and joint bookrunners on the facility, and Scotia acted as administrative agent. The bank syndicate also includes Bank of Montreal, Royal Bank of Canada, Canadian Imperial Bank of Commerce, TD Bank and National Bank of Canada.
Tahoe’s strategy is to responsibly operate mines at world standards and to develop high quality precious metals assets in the Americas.