Yamana Gold Announces Commitments for a Two Year US$750M Term Facility
April 16 2014 - 6:58PM
Marketwired
Yamana Gold Announces Commitments for a Two Year US$750M Term
Facility
TORONTO, ONTARIO--(Marketwired - Apr 16, 2014) - YAMANA GOLD
INC. (TSX:YRI)(NYSE:AUY) ("the Company") today announced it has
received commitments for a two year US$750 million (C$827 million)
senior unsecured term facility. The facility is for corporate and
working capital purposes, including the Osisko Mining Corporation
("Osisko") acquisition, and is available for draw down provided
that the Osisko transaction closes prior to July 31, 2014. This is
in addition to the Company's revolving credit facility which was
previously increased to US$1.0 billion (C$1.1 billion). The
revolving credit facility also maintains a US$250 million (C$276
million) accordian option. The terms and covenants of the term
facility are substantively the same as the existing revolving
credit facility, which matures March 31, 2019.
"With the addition of this new facility we are able to
strengthen our balance sheet and provide additional flexibility and
liquidity," said Charles Main, Executive Vice President and Chief
Financial Officer.
About Yamana
Yamana is a Canadian-based gold producer with significant gold
production, gold development stage properties, exploration
properties, and land positions throughout the Americas including
Brazil, Argentina, Chile and Mexico. Yamana plans to continue to
build on this base through existing operating mine expansions,
throughput increases, development of new mines, the advancement of
its exploration properties and by targeting other gold
consolidation opportunities with a primary focus in the
Americas.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation. Except for
statements of historical fact relating to the Company, information
contained herein constitutes forward-looking statements, including
any information as to the Company's strategy, plans or future
financial or operating performance. Forward-looking statements are
characterized by words such as "plan," "expect", "budget",
"target", "project", "intend," "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements are
based on the opinions, assumptions and estimates of management
considered reasonable at the date the statements are made, and are
inherently subject to a variety of risks and uncertainties and
other known and unknown factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. These factors include the Company's
expectations in connection with the closing of the Agreement and
the related transactions, the expected production and exploration,
development and expansion plans at the Company's projects discussed
herein being met, the impact of proposed optimizations at the
Company's projects, the impact of the proposed new mining law in
Brazil and the impact of general business and economic conditions,
global liquidity and credit availability on the timing of cash
flows and the values of assets and liabilities based on projected
future conditions, fluctuating metal prices (such as gold, copper,
silver and zinc), currency exchange rates (such as the Brazilian
Real, the Chilean Peso, the Argentine Peso, and the Mexican Peso
versus the United States Dollar), the impact of inflation, possible
variations in ore grade or recovery rates, changes in the Company's
hedging program, changes in accounting policies, changes in mineral
resources and mineral reserves, risk related to non-core mine
dispositions, risks related to acquisitions, changes in project
parameters as plans continue to be refined, changes in project
development, construction, production and commissioning time
frames, risk related to joint venture operations, the possibility
of project cost overruns or unanticipated costs and expenses,
higher prices for fuel, steel, power, labour and other consumables
contributing to higher costs and general risks of the mining
industry, failure of plant, equipment or processes to operate as
anticipated, unexpected changes in mine life, final pricing for
concentrate sales, unanticipated results of future studies,
seasonality and unanticipated weather changes, costs and timing of
the development of new deposits, success of exploration activities,
permitting time lines, government regulation and the risk of
government expropriation or nationalization of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims, limitations on insurance coverage and timing
and possible outcome of pending litigation and labour disputes, as
well as those risk factors discussed or referred to in the
Company's current and annual Management's Discussion and Analysis
and the Annual Information Form filed with the securities
regulatory authorities in all provinces of Canada and available at
www.sedar.com, and the Company's Annual Report on Form 40-F filed
with the United States Securities and Exchange Commission. Although
the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates, assumptions or opinions should change,
except as required by applicable law. The reader is cautioned not
to place undue reliance on forward-looking statements. The
forward-looking information contained herein is presented for the
purpose of assisting investors in understanding the Company's
expected financial and operational performance and results as at
and for the periods ended on the dates presented in the Company's
plans and objectives and may not be appropriate for other
purposes.
Yamana Gold Inc.Lisa Doddridge, Vice President,Corporate
Communications and Investor Relations416-815-0220 or
1-888-809-0925investor@yamana.com
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