Hecla Mining amends, restates $100 million revolver to include LoC

By Marisa Wong

Morgantown, W.Va., May 25 – Hecla Mining Co. entered into a fourth amended and restated credit agreement on May 20 with Bank of Nova Scotia and ING Capital LLC to replace its prior credit agreement dated Feb. 14, 2014.

The credit agreement restates the prior agreement to modify some terms to include the issuance of letters of credit, according to an 8-K filing with the Securities and Exchange Commission.

The restated $100 million senior secured revolving facility matures on Nov. 18, 2018.

Interest is equal to Libor plus 225 basis points to 325 bps, depending on the company’s total leverage ratio.

The company is also required to pay a 50 bps standby fee on undrawn amounts, a participation fee for letters of credit ranging between 225 bps and 325 bps, depending on the total leverage ratio, as well as a 20 bps fronting fee.

Currently, the company has not made any borrowings under the restated facility.

Hecla Mining is a Coeur d’Alene, Idaho-based gold and silver producer.

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