Primero secures $75m revolving line of credit
TORONTO (miningweekly.com) – Precious metals producer Primero Mining on Monday said that it had secured a $75-million revolving credit facility with a syndicate of lenders.
The line of credit has a three-year term, a floating interest rate that the company expects to be about 4% a year for the first six months and is secured by a charge over most of the company's assets, including the Black Fox complex, located in the Timmins gold district of Ontario, which it acquired in March through the $220-million friendly takeover of rival Brigus Gold.
As a condition for closing the line of credit, Primero repaid the outstanding $27-million promissory note held by Goldcorp, bearing interest of 6% and originally due on December 31, 2015.
Primero owns a 100% interest in the San Dimas gold/silver mine, all of the Cerro Del Gallo gold/silver project and a promising exploration property – all in Mexico.
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