Lundin secures additional $350m to increase stake in Chilean miner
TSX-listed Lundin Mining has closed a term loan of $350-million in addition to an existing $1.75-billion revolving credit facility.
The term loan matures on July 27, 2027.
The company is using the term loan to refinance the drawdown of the existing facility that was used to fund the upfront cash consideration of $350-million to acquire 19% of the issued share capital of Lumina Copper, which owns the Caserones copper/molybdenum mine, in Chile.
Lundin now owns 70% of Lumina Copper.
The deal involves BMO Capital Markets, ING Capital and the Bank of Nova Scotia as joint lead arrangers and bookrunners, while the Bank of Montreal is involved as administrative agents.
The lender banks include Bank of Montreal, Bank of Nova Scotia, ING Capital, Canadian Imperial Bank of Commerce, Fédération des Caisses Desjardins du Québec, the Toronto-Dominion Bank, Bank of America, Royal Bank of Canada, Export Development Canada, National Bank of Canada, MUFG Bank and Citibank.
Lundin has operations in Argentina, Chile, Brazil, Portugal, Sweden and the US, primarily producing copper, zinc, gold and nickel.
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