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Endeavour to repay revolver debt, reduce commitments to $350 million
By Sarah Lizee
Olympia, Wash., Jan. 31 – Endeavour Mining Corp. intends to repay the $300 million drawn portion of its revolving credit facility and reduce the available commitment to $350 million from $500 million, according to a press release.
Endeavour plans to issue $300 million of 3% convertible notes due February 2023, which will be used as the company’s primary source of long-term funding due to its associated lower coupon rate in comparison to the cost of the revolver.
The company said that by minimizing commitment fees on undrawn amounts, the offering will not have a material impact on its net debt or net leverage.
Endeavour Mining is a London-based intermediate gold producer focused on developing gold mines in West Africa with a registered office in George Town, Cayman Islands.
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