Agnico Eagle repays remaining $210 million under credit facility in Q2

By Marisa Wong

Morgantown, W.Va., July 27 – Agnico Eagle Mines Ltd. said it repaid the outstanding balance of $210 million under its credit facility in the second quarter.

This results in available credit lines of about $1.2 billion, not including the $300 million uncommitted accordion feature.

The company said it used proceeds from a private placement of notes to repay the credit facility.

In addition, C$20 million, reflecting Agnico Eagle’s 50% interest, was repaid under the Canadian Malartic general partnership’s secured loan facility.

Net debt was reduced by about $181 million, to $742 million, at June 30, according to a company earnings release. The company said it has reduced net debt for the seventh consecutive quarter.

Toronto-based Agnico-Eagle is a gold producer.

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