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Midcoast Energy issues $400 million; Roxgold gets commitment for $75 million financing
By Lisa Kerner
Charlotte, N.C., Sept. 30 – Midcoast Energy Partners, LP closed a U.S. private placement of $400 million of senior notes to a group of institutional investors.
The notes were issued in three tranches with terms of five, seven, and 10 years, an average term of 7.75 years and a weighted average coupon of 4.09%.
Proceeds will be used to repay short-term debt, to finance a portion of Midcoast’s capital expansion program relating to its core natural gas systems and for general partnership purposes.
Houston-based Midcoast is an oil and gas production and transportation company.
Roxgold Inc. signed a binding commitment letter for $75 million of project financing from Societe Generale CIB and Credit Suisse AG for development of its Yaramoko Gold Project in Burkina Faso, West Africa.
The senior project debt facility has a six-year loan term and will bear interest at a rate of Libor plus 425 basis points to 475 bps. It encompasses a hedging component of up to 65,000 ounces of gold, or about 8.5% of Yaramoko's current reserves, over the life of the loan, a company news release stated.
The Vancouver, B.C.-based gold explorer first announced the proposed funding in June.
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