Orla Mining Ltd. has amended its existing US$150 million credit facility with its existing syndicate of lenders comprised of The Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce.
The amended credit facility consists of a US$150 million revolving term facility with the ability to increase the facility to US$200 million (subject to receipt of additional binding commitments and satisfaction of certain conditions precedent) and has a 4-year term. The interest rate for the amended credit facility will be based on the term SOFR rate, plus an applicable margin ranging from 2.5% to 3.75% based on Orla Mining’s leverage ratio at the end of each fiscal quarter.
Cassels acted for Orla Mining.