GREY:DRGDF - Post by User
Comment by
Weebleon Jul 25, 2017 5:21pm
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Post# 26508210
RE:RE:RE:RE:RE:RE:RE:Gold up bigtime this week, DGC at the 52 weeklow
RE:RE:RE:RE:RE:RE:RE:Gold up bigtime this week, DGC at the 52 weeklowI think Truthbetold has it right. You can get all worried over one item but there is much to be optimistic about. A high canadian dollar may be bad but a low fuel price is good and having an extra shovel and 4 extra trucks should really add to throughput. Last quarter they also had a shutdown. An insider just bought shares at over $15 on the open market. When was the last time that happened? If you think gold is going higher and that this is just summer doldrums you should be thankful that the stock price is this low. I am.
Terrebonne, what more did you want to know about the debt deal?
Detour Gold Arranges US$500 Million Bank Debt Facility TORONTO, ONTARIO--(Marketwired - Jul 10, 2017) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") announces today that it has concluded its negotiations with its existing bank group on a US$500 million Senior Secured Credit Facility (the "Bank Facility") comprised of a US$300 million Revolving Credit Facility for a tenor of four years and a US$200 million Term Loan for a tenor of three years. The Bank Facility will replace the Company's current CDN$135 million Senior Secured Credit Facility upon closing, anticipated to occur later this week.
The Bank Facility will be used to repay the remaining balance of US$320.5 million Convertible Notes (the "Notes") maturing on November 30, 2017, for financial assurance and for general corporate purposes.
The Company intends to draw down the full amount of the Term Loan, a portion of the Revolving Credit Facility and use approximately US$30 million of its cash to defease the Notes. These funds will be placed on deposit with the Note trustee and the holders of the Notes will be paid at the maturity date.
The Bank Facility includes two financial covenants: (i) a Net Debt to EBITDA ("Leverage Ratio") covenant and (ii) an Interest Coverage covenant. The interest rate for drawn borrowings is based on the Leverage Ratio and ranges from Libor + 2.125% to 3.125%. Based on the Company's most recent Net Debt to EBITDA ratio, the Company would be paying interest at the lower end of the range.
The Co-Lead Arrangers and Joint Bookrunners are BMO Capital Markets, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia, Royal Bank of Canada and TD Securities. Bank of Montreal is the Administrative Agent.
Read more at https://www.stockhouse.com/news/press-releases/2017/07/10/detour-gold-arranges-us-500-million-bank-debt-facility#pxvsjujSO5y7j7Iq.99