Agnico-Eagle increases credit lines to over US$900 millionadmin
Agnico-Eagle Mines Limited, a long established Canadian gold producer with operations located in Quebec and Finland and exploration and development activities in Canada, Finland, Mexico and the United States, announced that it has executed a new non-amortizing US$600 million revolving credit facility, maturing June 2012. The new facility replaces a pre-existing US$300 million tranche of the Company’s credit lines that would have matured September 2010. Including its remaining tranche of the pre-existing credit facilities (non-amortizing US$300 million revolving credit line, maturing January 2013), the Company now has US$900 million of credit lines. Both credit facilities are unsecured. The new facility is being provided by a syndicate of international banks led by Scotia Capital (Joint Lead Arranger and Administrative Agent) and TD Securities (Joint Lead Arranger and Syndication Agent), Bank of Montreal (Co-Documentation Agent), CIBC World Markets (Co-Documentation Agent), Export Development Canada (Co-Documentation Agent), Royal Bank of Canada, Commonwealth Bank of Australia, Macquarie Bank Limited, National Bank of Canada, Barclays Bank Plc, Bank of America Merrill Lynch, Credit Suisse and Societe Generale (Canada Branch).
“The new facility provides Agnico-Eagle with additional liquidity for internal expansion opportunities, as well as financial flexibility to deal with potential investment opportunities and other corporate priorities” said Sean Boyd, Vice Chairman and Chief Executive Officer.
The Company is also pleased to announce the signing of an unsecured C$95 million bonding facility with Export Development Canada. This facility matures June 2014 and will be used to provide letters of credit for environmental obligations or in relation to license or permit bonds relating to the Meadowbank project.