| Silver Standard Closes New $75M Revolving Credit Facility | |
| | |
|
Silver Standard Resources Inc. SSRI recently announced the closing of a new $75 million senior secured revolving credit facility. The amounts that have been borrowed under the credit facility will incur variable interest at London Interbank Offered Rate plus an applicable margin ranging from 2.75% to 3.75%. This interest rate has been determined based on the company's net leverage ratio.
The tenure of the credit facility is three years. All the liabilities and assets under the facility are guaranteed by Silver Standard’s material subsidiaries as well as assets. The credit facility may be utilized by the company for reclamation bonding, working capital and other general corporate purposes.
The credit facility adds to the company’s healthy balance sheet and provides flexibility for future growth. The Canadian Imperial Bank of Commerce acted as the sole lead arranger, sole bookrunner and administrative agent for the credit facility.
The company’s share price fell 4.8% to close at $5.32 last Wednesday. Recently, Silver Standard inked a deal with Newmont Mining Corporation NEM to buy 2,844 hectares contiguous with the Marigold mine in Nevada (the "Valmy Property") for $11.5 million in cash. The purchase consideration will be financed from cash on hand.
Per the agreement, Silver Standard will acquire 100% of Newmont's interest in a prospective land package contiguous with the Marigold mine with 196,000 ounces of historical gold production. The Valmy Property is a 2,844 hectare land package surrounding parts of the Marigold mine to the east, south and west. Silver Standard currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked silver mining companies are Silvercrest Mines Inc. SVLC and Avino Silver & Gold Mines Ltd. ASM. While Silvercrest Mines sports a Zacks Rank #1 (Strong Buy), Avino Silver & Gold Mines carries 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 >> 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 NEWMONT MINING (NEM): Free Stock Analysis Report SILVER STD RES (SSRI): Free Stock Analysis Report SILVERCREST MIN (SVLC): Free Stock Analysis Report AVINO SILVER&GD (ASM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
|
|
|
Silver Standard Resources Inc.
|
|
PRODUCER |
CODE : SSO.TO |
ISIN : CA82823L1067 |
CUSIP : 82823L 106 |
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Standard is a silver producing company based in Canada. Silver Standard produces silver, tin and zinc in Argentina, develops gold and silver in Peru, and holds various exploration projects in Peru. Its main asset in production is PIRQUITAS in Argentina, its main asset in development is SAN LUIS PROJECT in Peru and its main exploration properties are CANDELARIA NEVADA and BERENGUELA in Peru, VETA COLORADA, PITARILLA, PENASCO QUEMADO and SAN AGUSTIN in Mexico, SUNRISE LAKE in Canada, CHALLACOLLO in Chile and DIABLILLOS and MAVERICK SPRINGS in Argentina. Silver Standard is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.4 billions as of today (US$ 1.1 billions, € 961.5 millions). Its stock quote reached its lowest recent point on September 04, 1998 at CA$ 1.01, and its highest recent level on August 02, 2017 at CA$ 12.01. Silver Standard has 119 400 000 shares outstanding. |