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CIBC Arranges $75MM Facility for Silver Standard Resources

August 05, 2015, 07:08 AM
Filed Under: Mining

Silver Standard Resources announced the closing of a new $75 million senior secured revolving credit facility. The Canadian Imperial Bank of Commerce acted as the sole lead arranger, sole bookrunner and as administrative agent in connection with the credit facility. The other syndicate lenders include the Bank of Nova Scotia and the Bank of Montreal.

Amounts that are borrowed under the facility will incur variable interest at London Interbank Offered Rate plus an applicable margin ranging from 2.75% to 3.75% determined based on the company's net leverage ratio. The facility also provides for financial letters of credit at 66% of the applicable margin and undrawn fees are 25% of the applicable margin. The term of the facility is three years. All debts, liabilities and obligations under the facility are guaranteed by the company's material 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 reclamation bonding, working capital and other general corporate purposes.

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