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Romarco Closes $200MM Credit Agreement With Cat Financial, Others

April 13, 2015, 07:31 AM
Filed Under: Mining

Romarco Minerals announced that the company, through its subsidiary Haile Gold Mine, Inc., has signed a credit agreement with Caterpillar Financial Services Corporation, ING Capital LLC, Macquarie Bank Limited, and Société Générale Corporate & Investment Banking with respect to its previously announced US$200 million senior secured project finance facility with no mandatory gold hedging. The Debt Facility will be used for the development of the Haile Gold Mine project in South Carolina.  With the execution of the Credit Agreement, the Haile Gold Mine project as currently proposed is fully financed.  All dollar amounts are in US dollars unless otherwise stated.

The Debt Facility is comprised of two Tranches: a $180 million project facility ("PF") maturing June 30, 2022, and a $20 million cost overrun facility ("COF") maturing September 30, 2023, if drawn.  Advances under the PF will bear interest at LIBOR plus 3.75% to 4.25% and advances under the COF, if any, will bear interest at LIBOR plus 6.25%.  The terms of the Debt Facility are substantially the same as previously disclosed in the News Release dated April 2, 2015.

Under the Debt Facility, Caterpillar Financial Services Corporation is acting as Insurance Agent, Macquarie Bank Limited is acting as Technical Agent and Société Générale Corporate & Investment Banking is acting as Administrative and Documentation Agent.

Romarco Minerals Inc. is a gold development company focused on production primarily in the US.

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