Coeur Mining draws $100 million under revolver to acquire JDS Silver

By Marisa Wong

Morgantown, W.Va., Oct. 18 – Coeur Mining, Inc. made a $100 million draw under its new credit agreement on Oct. 12 in connection with its acquisition of JDS Silver Holdings, Ltd., according to an 8-K filed Wednesday with the Securities and Exchange Commission.

As previously announced, Coeur Mining entered into a four-year credit agreement on Sept. 29 for a $200 million senior secured revolving credit facility.

Bank of America Merrill Lynch is the lead arranger and bookrunner with Bank of America, NA as administrative agent and Royal Bank of Canada as syndication agent.

The facility may be increased by up to $50 million in incremental loans and commitments.

Loans will bear interest at Libor plus a margin ranging from 200 basis points to 275 bps, depending on the company’s consolidated net leverage ratio. The commitment fee ranges from 35 bps to 50 bps, also based on the consolidated net leverage ratio. The interest rate is initially Libor plus 225 bps, and the commitment fee is 40 bps.

The credit agreement contains financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio.

Coeur Mining is a Chicago-based precious metals 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.