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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.
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