(SSR Mining, 8.Jun.2021) — SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX:SSR) amended its existing undrawn revolving credit facility on favorable terms, increasing the facility size from $75mn to $200mn. The new facility includes an upsized accordion feature from $25mn to $100mn and the term of the facility has been extended by 4 years to 8 June 2025.
Amounts that are borrowed under the facility will incur variable interest at London Interbank Offered Rate plus an applicable margin ranging from 2.00% to 3.00%, determined based on the company’s net leverage ratio and amounts drawn from the facility. All debts, liabilities and obligations under the Facility are guaranteed by the company’s material North American subsidiaries and secured by assets of the company, certain of the material subsidiaries, and the pledges of material subsidiaries. The Facility may be used by the company for working capital, reclamation bonding and other general corporate purposes.
CIBC acted as the Sole Lead Arranger, Sole Bookrunner and as Administrative Agent in connection with the amended Credit Facility, with Bank of Montreal and The Bank of Nova Scotia acting as Co-Syndication Agents. The other syndicate lenders include Royal Bank of Canada and ING Capital LLC.
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