General Moly gets confirmation of terms of $665 million term loan

By Sara Rosenberg

New York, Feb. 16 - General Moly Inc. has received confirmation of the basic terms underlying a proposed $665 million 12-year term loan from the China Development Bank, according to a news release.

While there are no binding commitments at this time, the loan facility will now progress through drafting and syndication.

Of the total amount, China Development Bank is expected to commit to lend $399 million and arrange a consortium of Chinese and international banks to fund the balance.

Pricing is anticipated around Libor plus 400 basis points.

Proceeds will be used to fund the company's Mt. Hope project, for which permits are expected to be received later this year.

General Moly is a Lakewood, Colo.-based molybdenum mineral development, exploration and mining company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.