| Pan American Silver Enters Into New $300M Credit Facility - Analyst Blog | |
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Pan American Silver Corp. PAAS announced that it has entered into a new senior secured $300 million revolving credit facility with a consortium of eight lenders. This facility is scheduled to mature on Apr 15, 2019. According to the terms of the deal, Pan American Silver can avail the flexibility of various borrowings and letter of credit options as part of the facility.
The interest margin on loans drawn based on the average annual rate of interest at which major banks in the London interbank market are offering deposits in U.S. dollars ("LIBOR") will be between 2.125% and 3.125% over LIBOR, depending on Pan American Silver's leverage ratio at the time of a specified reporting period. The company plans to use the net proceeds from the credit facility for general corporate uses like capital expenditures, investments and potential acquisitions, if any.
The joint lead arrangers and joint bookrunners involved in this facility are the Bank of Nova Scotia and Canadian Imperial Bank of Commerce. Both are the respective Administrative Agent and Syndication Agent as well, whereas HSBC Bank Canada is the Documentation Agent. The rest of the lenders include Royal Bank of Canada, The Toronto-Dominion Bank, Societe Generale, Bank of Montreal and Credit Suisse, AG.
According to Pan American Silver, this ability to borrow will further add to its existing robust liquidity position and boost its financial strength and flexibility. This in turn will help the company to provide a quick response to its funding requirements for growth projects or business development opportunities in the future.
Pan American Silver currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the mining industry include Banro Corporation BAA, Newmont Mining Corporation NEM and Pretium Resources Inc. PVG, all carrying a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PRETIUM RES INC (PVG): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report BANRO CORP (BAA): Free Stock Analysis Report PAN AMER SILVER (PAAS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Banro Corporation
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PRODUCER |
CODE : BAA |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Banro is a gold producing company based in Canada. Banro holds various exploration projects in Congo Dem. Rep. of. Its main assets in production are LUGUSHWA and KAMITUGA in Congo Dem. Rep. of and its main assets in development are TWANGIZA and NAMOYA in Congo Dem. Rep. of. Banro is listed in Canada and in United States of America. Its market capitalisation is US$ 120.8 millions as of today (€ 102.0 millions). Its stock quote reached its highest recent level on August 31, 2007 at US$ 9.96, and its lowest recent point on May 26, 2017 at US$ 0.07. Banro has 1 098 579 968 shares outstanding. |