B2Gold Corp. (TSX:BTO) (NYSE MKT:BTG) (NSX:B2G) (“B2Gold” or the
“Company”) is pleased to announce it has secured an upsized $500
million Revolving Credit Facility (the “upsized RCF”). All dollar
figures are in United States dollars unless otherwise indicated.
On July 7, 2017, the Company entered into an
amended and restated credit agreement with a syndicate of
international banks for an upsized RCF for an aggregate amount of
$500 million, representing a $75 million increase from the
principal amount of $425 million under its existing revolving
credit facility. The upsized RCF also allows for an accordion
feature whereby upon receipt of additional binding commitments, the
facility may be increased to $600 million any time prior to the
maturity date. HSBC, as Sole Lead Arranger and Sole Book Runner,
will continue to act as the Administrative Agent. The syndicate
includes The Bank of Nova Scotia, Société Générale, ING Bank N.V.
and Canadian Imperial Bank of Commerce as lenders.
The upsized RCF will bear interest on a sliding
scale of between LIBOR plus 2.25% to 3.25% based on the Company’s
consolidated net leverage ratio. Commitment fees for the undrawn
portion of the facility will also be on a similar sliding scale
basis of between 0.50% and 0.925%. The term of the upsized RCF is
four years, maturing on July 7, 2021. If the principal indebtedness
outstanding under the Company’s existing 3.25% Convertible Senior
Subordinated Notes (the “Subordinated Notes”) maturing on October
1, 2018, is greater than $100 million on December 29, 2017, then
the sliding scale interest will increase to a sliding scale range
of between LIBOR plus 2.50% to 4.00%. The upsized RCF will also be
subject to customary lending covenants for a corporate
facility.
Proceeds from the loan will be used for general
corporate purposes and may be utilized to prepay or repay the
Subordinated Notes and financing acquisitions.
The Company also believes that coupled with
operating cash flows from the Company’s existing mine operations,
the upsized RCF ensures that the Company remains fully funded to
maintain its operations, including funding for the construction of
the Fekola Project (completion anticipated on October 1, 2017).
Along with the additional $75 million capacity
under the upsized RCF, the $100 million accordion feature is
expected to provide the Company with additional flexibility to
access additional funding in the future for other corporate
activities without the carrying cost of paying undrawn commitment
fees.
About B2Gold Corp.
Headquartered in Vancouver, Canada, B2Gold Corp.
is one of the fastest-growing intermediate gold producers in the
world. Founded in 2007, today, the Company has four operating
mines, one mine under construction and numerous exploration
projects in various countries, including Nicaragua, the
Philippines, Namibia, Mali, Burkina Faso and Finland. Construction
of the Company’s Fekola Mine in southwest Mali is approximately
three months ahead of schedule and on budget, and is projected to
commence production on October 1, 2017. As a result, the Company is
well positioned to maintain its low-cost structure and growth
profile.
Based on current assumptions and updates to
B2Gold’s current year guidance and long-term mine plans, the
Company is projecting consolidated gold production in 2017 of
between 545,000 and 595,000 ounces (including estimated
pre-commercial production from the Fekola Mine of between 45,000
and 55,000 ounces); and in 2018 significantly increasing to between
900,000 and 950,000 ounces, with the inclusion of the anticipated
first full-year of commercial production at the Fekola Mine.
ON BEHALF OF B2GOLD
CORP.“Mike Cinnamond”Senior Vice
President, Finance and CFO
For more information on B2Gold please visit the
Company website at www.b2gold.com or contact:
Ian MacLean |
|
|
|
|
|
|
|
|
Katie Bromley |
Vice President,
Investor Relations |
|
|
|
|
|
|
|
|
Manager, Investor
Relations & Public Relations |
604-681-8371 |
|
|
|
|
|
|
|
|
604-681-8371 |
imaclean@b2gold.com |
|
|
|
|
|
|
|
|
kbromley@b2gold.com |
|
|
|
|
|
|
|
|
|
|
Each of the Toronto Stock Exchange and the NYSE
MKT LLC neither approves nor disapproves the information contained
in this News Release.
This press release includes certain
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking statements”) within the meaning of
applicable Canadian and United States securities legislation,
including the anticipated final closing of the RCF, the
availability of the accordion feature and potential increase in
available funds under the RCF, interest and fees borne on the RCF,
the anticipated use of proceeds from the loan, the anticipated
operating cash flows from the Company’s existing mine operations,
the Company’s sufficiency of funding to maintain operations and
fund construction of the Fekola Project, the anticipated timing of
completion of the Fekola Project’s construction, the RCF’s ability
to provide additional funding flexibility and the Company’s ability
to avoid incurring undrawn commitment fees. All statements in this
press release that address events or developments that we expect to
occur in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, although not always, identified by words such as
“expect”, “plan”, “anticipate”, “project”, “target”, “potential”,
“schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe”
and similar expressions or their negative connotations, or that
events or conditions “will”, “would”, “may”, “could”, “should” or
“might” occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made. Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
B2Gold’s control, including risks associated with the ability of
the Company to satisfy the conditions for final closing of the RCF
and to receive funding under it and to obtain additional funds
under the accordion feature of the RCF; whether the Company’s 3.25%
Convertible Senior Subordinated Notes will remain outstanding on
the maturity date of the convertible notes and not been extended;
the Company’s consolidated net leverage ratio; fluctuations in
interest rates, including LIBOR; the volatility of metal prices and
our common shares; risks and dangers inherent in exploration,
development and mining activities; uncertainty of reserve and
resource estimates; risk of not achieving production, cost or other
estimates; risk that actual production, development plans and costs
differ materially from the estimates in our feasibility studies;
risks related to hedging activities and ore purchase commitments;
the ability to obtain and maintain any necessary permits, consents
or authorizations required for mining activities; uncertainty about
the outcome of negotiations with the Government of Mali; risks
related to environmental regulations or hazards and compliance with
complex regulations associated with mining activities; the ability
to replace mineral reserves and identify acquisition opportunities;
unknown liabilities of companies acquired by B2Gold; ability to
successfully integrate new acquisitions; fluctuations in exchange
rates; availability of financing and financing risks; risks related
to operations in foreign countries and compliance with foreign
laws; risks related to remote operations and the availability of
adequate infrastructure, fluctuations in price and availability of
energy and other inputs necessary for mining operations; shortages
or cost increases in necessary equipment, supplies and labor;
regulatory, political and country risks; risks related to reliance
upon contractors, third parties and joint venture partners;
challenges to title or surface rights; dependence on key personnel
and ability to attract and retain skilled personnel; the risk of an
uninsurable or uninsured loss; adverse climate and weather
conditions; litigation risk; competition with other mining
companies; changes in tax laws; community support for our
operations including risks related to strikes and the halting of
such operations from time to time; the final outcome of the audit
by the DENR in relation to our Masbate Gold Project; as well as
other factors identified and as described in more detail under the
heading “Risk Factors” in B2Gold’s most recent Annual Information
Form and B2Gold’s other filings with Canadian securities regulators
and the U.S. Securities and Exchange Commission (the “SEC”), which
may be viewed at www.sedar.com and www.sec.gov, respectively. The
list is not exhaustive of the factors that may affect the Company’s
forward-looking statements. There can be no assurance that such
statements will prove to be accurate, and actual results,
performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements.
Accordingly, no assurance can be given that any events anticipated
by the forward-looking statements will transpire or occur, or if
any of them do, what benefits or liabilities B2Gold will derive
therefrom. The Company’s forward-looking statements reflect current
expectations regarding future events and operating performance and
speak only as of the date hereof and the Company does not assume
any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions
should change other than as required by applicable law. For the
reasons set forth above, you should not place undue reliance on
forward-looking statements.
B2Gold (TSX:BTO)
Historical Stock Chart
From Aug 2024 to Sep 2024
B2Gold (TSX:BTO)
Historical Stock Chart
From Sep 2023 to Sep 2024