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Beadell restructures $60m bridge loan

21st January 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Beadell Resources has restructured a $60-million bridge loan with Santander into a three-year facility with Banco Santander and Banco Itau.

“We are very pleased with the competitive terms of the unhedged restructured facility, which gives us the flexibility to develop our robust mine plan and pursue our exciting exploration opportunities with the ability to pay dividends throughout the life of the facility,” said Beadell MD Peter Bowler.

The restructure, along with the existing cash and bullion reserves, placed Beadell in a strong financial position, Bowler said, with the company having some $73-million cash and bullion on hand at the end of December.

The facility was secured against the Tucano mining concession, in Brazil, and was repayable in 12 equal quarterly instalments starting in April this year. Interest payments of London Inter Bank Offered Rate plus 3% a year would be payable on the outstanding balance.

Edited by Creamer Media Reporter

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