TORONTO (miningweekly.com) – Triple-listed gold producer B2Gold has secured a new $350-million revolving credit facility (RCF) with a syndicate of international banks to repay its existing $200-million RCF, of which $125-million had been drawn as at March 31, and for general corporate purposes.

B2Gold, with operations and projects in North and South America, Africa and the Philippines, believed that closing of the new RCF, coupled with strong expected operating cash flows from its existing mine operations, would provide it with enough resources to maintain its operations and fund construction of the Fekola project, in Mali, which was expected to be complete in late 2017 based on current assumptions, including current gold prices.

The Canadian company explained on Wednesday that the new RCF would allow for an accordion feature whereby, upon receiving additional binding commitments, the facility might be increased to $450-million any time before the May 20, 2019, maturity date.

HSBC, as sole lead arranger and sole bookrunner, would act as the administrative agent. The syndicate of lenders included The Bank of Nova Scotia, Societe Generale and ING Bank, as mandated lead arrangers.

Final closing of the facility and the availability of funds under it remained subject to completing customary closing conditions and delivering collateral.

The new RCF would bear interest on a sliding scale of between Libor plus 2.25% and 3.25%, based on the company's consolidated net leverage ratio. Commitment fees for the undrawn portion of the facility would also be on a similar sliding scale basis of between 0.5% and 0.925%.

The term for the new RCF would be four years, except that it would be due on July 1, 2018, should the company's 3.25% convertible senior subordinated notes, initially due on October 1, 2018, remain outstanding, or the maturity date of the convertible notes not have been extended to at least 90 days after May 20, 2019.

B2Gold expected to produce between 500 000 oz and 540 000 oz of gold this year, rising to 900 000 oz in 2018 as its Otjikoto mine, in Namibia, and Fekola, ramp up to full production.

B2Gold's TSX-listed stock on Wednesday rose nearly 7% to C$2.18 apiece.