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BNP Paribas Arranges $220MM Debt Facility for Victoria Gold

January 25, 2017, 07:00 AM
Filed Under: Mining

Victoria Gold Corp. announced that it has appointed BNP Paribas as the sole Mandated Lead Arranger to arrange up to $220 million of senior, secured project debt for Victoria's Eagle Gold Project in Yukon, Canada.

Mr. John McConnell, President and CEO of Victoria commented; "This facility is expected to be the foundation of the financing package that will fund the Eagle Project through construction and into production. This is the first important milestone in what promises to be a very busy and exciting 2017 at Victoria. We look forward to continuing to work with BNP Paribas toward commitment and closing."

Auramet International LLC has been acting as financial advisor to Victoria in connection with the proposed Facility. The Facility is subject to successful syndication which may include satisfactory due diligence, sufficient capital being raised to fully fund the project, including cost over-run support, credit committee approvals, hedging and other conditions precedent.

Selected terms of the Facility as per the engagement letter with BNPP include payment of customary arrangement and underwriting fees, Libor based interest rates, a tenor of 6 years, a cash sweep and customary covenants for a facility of this type. All terms outlined herein are subject to final approval of the relevant terms, the caveats outlined in the previous paragraph and the approval of the TSX Venture Exchange.

Commitment and closing are anticipated to take place in the 2nd quarter of 2017.

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