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Mercator gets commitments for $130 million secured credit facility
By Jennifer Chiou
New York, March 31 - Mercator Minerals Ltd. announced that its wholly owned subsidiary Mineral Park Inc. entered into a $130 million credit facility.
The company received commitments from Société Générale and WestLB AG as joint bookrunners, with Société Générale as documentation and administrative agent, WestLB as technical agent and Credit Suisse and Barclays Capital as lenders.
The facility is made up of a $100 million term loan with a one-year grace period and a five-year amortization as well as a $30 million revolving credit facility.
The revolver is repayable after four years.
Closing is subject to the completion of loan and security documentation and customary conditions.
The loan will be secured by the assets of Mineral Park and a guarantee provided by the company's wholly owned subsidiary Mercator Mineral Park Holdings Ltd.
The Vancouver, B.C.-based mining company said that proceeds will be used to redeem its outstanding 11½% senior secured notes.
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