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IAMGOLD Secures Commitments Totalling $250MM From Lenders

February 08, 2017, 07:00 AM
Filed Under: Metals and Mining

IAMGOLD Corporation announced that, as of today, the commitments from a syndicate of lenders to its existing revolving credit facility total $250 million. The syndicate, led by National Bank of Canada and Deutsche Bank, included Citibank, N.A., Canadian Branch, Ressources Québec Inc. and Morgan Stanley Senior Funding, Inc. With this amendment, the Company's banking syndicate has been joined by Canadian financial partners Royal Bank of Canada, The Toronto-Dominion Bank and Export Development Canada.

"IAMGOLD's balance sheet is strong, ending 2016 with approximately $750 million in cash, cash equivalents and restricted cash, which exceeds the $489 million of our bonds that are due in October 2020," said Carol Banducci, EVP and Chief Financial Officer. "Further bolstering the Company's liquidity are today's additional commitments from the lenders amounting to $80 million, bringing the Corporate Facility to a total of $250 million."

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