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Macquarie Bank Completes $60MM Credit Facility for Golden Star Resources

October 21, 2019, 08:00 AM
Related: Macquarie Bank

Golden Star Resources Ltd. closed a $60 million senior secured credit facility with Macquarie Bank as announced in its July 31, 2019 news release.

Golden Star has used the proceeds to refinance the Ecobank Loan III, Ecobank Loan IV, and the long-term payable under the Vendor Agreement with Volta River Authority. The remaining balance is available for general corporate purposes.

The Credit Facility is repayable $5 million quarterly, commencing on June 30, 2020. The final maturity date is March 31, 2023. The interest rate is 4.5% plus the applicable USD LIBOR rate. The Credit Facility is subject to normal course financial covenants including a Debt Service Coverage Ratio of greater than 1.20:1 and a Net Debt to EBITDA ratio of less than 3.00:1.

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