Canadian gold mining company Iamgold has obtained a US$350mn unsecured, revolving credit facility and a US$50mn letter of credit (LC) facility.
The revolving credit facility, which expires in March 2013, was led and arranged by Scotia Capital, Société Générale and the Canadian Imperial Bank of Commerce, who provided US$75mn each.
The facility was originally designated as a US$140mn secured, revolving credit facility, but was increased for extra financial capacity under improved terms and conditions with respects to adding non-equity capital to the mining company.
The LC facility is supported by the Canadian ECA, Export Development Canada for US$45mn, to allow for the issuance of the LC to support specific asset retirement obligations, and will be arranged by the National Bank of Canada, which offered US$35mn.
Iamgold currently owns seven mines across Canada, South America and Africa and is planning to expand total gold production from 1 million ounces per year to 1.8 million by 2012.
Last Updated March 29, 2010
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