Newmont Mining ups borrowing limit to $3 billion, pushes out maturity

By Susanna Moon

Chicago, May 18 - Newmont Mining Corp. raised the borrowing amount under its credit agreement to $3 billion with JPMorgan Chase Bank, NA as administrative agent and extended the length of the agreement by one year to May 22, 2017.

The company closed the loan terms on Tuesday with JPMorgan and other lenders, according to an 8-K filing with the Securities and Exchange Commission.

Citibank, NA, HSBC Bank USA, NA, Sumitomo Mitsui Banking Corp., Bank of Nova Scotia, Royal Bank of Scotland, plc and UBS Loan Finance LLC are the co-syndication agents. Bank of Montreal, BNP Paribas and Deutsche Bank AG New York Branch are the co-documentation agents.

The facility size was bumped up by $500 million from $2.5 billion, and the agreement had been set to end May 20, 2016.

Interest on the loans is 80 basis points to 140 bps, based on the company's credit ratings, and the facility fee is 7.5 bps to 25 bps.

Newmont Mining is a gold and copper producer based in Denver.

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