Sandstorm Gold gets amended $225 million four-year revolving loans

By Susanna Moon

Chicago, Dec. 6 – Sandstorm Gold Ltd. amended its revolving credit agreement, allowing it to draw up to $225 million until December 2022.

Interest on the loans is Libor plus 200 basis points to 300 bps, based on leverage, and the unused fee is 45 bps to 67.5 bps.

The syndicate of banks include the Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, Canadian Imperial Bank of Commerce and Royal Bank of Canada, according to an announcement.

Proceeds will be used for general corporate purposes, including acquisitions, share buybacks and dividends.

“With our commitment to use current cash on hand as well as our 2019 operating cash flow to fully complete our 10% share buyback plan, we are pleased to be able to increase the size and reduce the cost of our undrawn revolving credit facility in order to ensure that we continue to have sufficient liquidity to grow the company,” Sandstorm’s president and chief executive officer Nolan Watson said in the press release.

Sandstorm is based in Vancouver, B.C. It provides upfront financing to gold-mining companies and receives gold streaming agreements in return.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.