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Galaxy secures $40m debt funding

19th January 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Lithium producer Galaxy Resources has secured a debt facility of up to $40-million with BNP Paribas, to repay the outstanding balance of an OCP Asia facility, and for general corporate purposes.

The loan will consist of three tranches, the first of which was a $10-million term loan, maturing at the end of January 2018.

The debt also included a $15-million bridge loan, repayable before the end of June 2017, and a $15-million revolving loan, maturing at the end of January next year.

Galaxy MD Anthony Tse said on Thursday that the new facility represented another positive step forward for the company as an industry-leading lithium producer, and strengthened Galaxy’s balance sheet, enabling increased financial flexibility and establishing what is anticipated to be a long-term relationship with a tier one international bank to support Galaxy’s growth strategy.

Edited by Creamer Media Reporter

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