Wesdome Gold Mines executed an amended and restated credit agreement with a syndicate of lenders to upsize and extend the maturity of its current secured revolving credit facility by an additional three years to June 19, 2028.
Pursuant to the agreement, the credit facility includes aggregate commitments of $250 million with an additional accordion of $50 million for a total of up to $300 million. This represents approximately a twofold increase from Wesdome’s current facility, which matures on August 31, 2025.
“We sincerely thank our lenders for their continued support and confidence in Wesdome,” Anthea Bath, president and CEO of Wesdome, said. “The substantial increase in our credit facility and the improved terms are a strong endorsement of the quality of our assets and the progress we’ve made. As we continue to grow, we remain focused on delivering long-term value as a disciplined, value-driven gold producer.”
Advances under the credit facility will bear interest at the secured overnight financing rate (SOFR) plus a margin of 2.25% to 3.25% per annum depending on the company’s leverage ratio. The credit facility may be used for general corporate purposes, including, but not limited to, acquisitions, distributions, investments and ongoing mine development. The agreement includes standard and customary terms and conditions with respect to fees, representations, warranties and financial covenants.
National Bank Financial acted as sole lead arranger and bookrunner and Bank of Montreal as syndication agent. The syndicate of lenders was comprised of National Bank of Canada, Bank of Montreal, Fédération des Caisses Desjardins du Québec and Canadian Imperial Bank of Commerce. GenCap Mining Advisory acted as credit advisor to Wesdome with respect to the financing.
