SSR Mining (TSX: SSRM) (NASDAQ: SSRM) this morning indicated that it has expanded its existing credit facility. The expansion will see the undrawn revolving credit facility increase in size from US$75 million to that of US$100 million.
It’s unclear what specifically the firm intends to utilize the facility for, given that it was previously undrawn, however it did indicate the standing boilerplate uses of working capital and general corporate purposes, as well as reclamation bonding.
The facility itself currently bears interest at the London Interbank Offered Rate, plus margin that ranges from 2.0% to 3.0%, which is dependent on the firms net leverage ratio. The amended facility is largely the function of an expanded accordion feature, which grew from US$25 million to US$100 million in size, making up effectively half of the total credit facility.
The maturity of the credit facility has also been extended by four years to that of June 8, 2025.
SSR Mining last traded at $21.52 on the TSX.
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