First Majestic Silver amended and restated its credit agreement with the Bank of Nova Scotia, Bank of Montreal and Investec Bank as lenders. The amendment included a new $75 million senior secured revolving term credit facility.
The new facility will replace First Majestic’s previous $25 million revolving credit line and a $35 million term loan with Scotiabank and Investec as lenders.
The new facility will mature on the third anniversary date of the amended credit agreement, but can be prepaid in advance of such date. Interest will accrue at LIBOR plus an applicable range which is dependent on certain financial parameters of First Majestic.
First Majestic is a mining company focused on silver production in Mexico and the development of its existing mineral property assets. The company presently owns and operates seven producing silver mines.