YAU Yamana Gold

 
TIDMYAU 
 
Yamana Gold announces new unsecured credit facility of US$680 million and 
closing of US$270 million senior debt securities offering 
 
    TORONTO, Dec. 22 /CNW/ - YAMANA GOLD INC. (TSX: YRI; NYSE: AUY; LSE: YAU) 
announced today improvement in its credit facility and a significant increase 
in its credit availability. The Company has increased its revolving credit 
facility capacity to US$680 million from US$500 million. The credit facility 
was jointly arranged by Scotia Capital and RBS Securities Inc. and is being 
provided by a syndicate of international banks. 
    The Company also announced the closing of a US$270 million senior debt 
securities offering. The private term debt offering was jointly arranged by 
Bank of America Merrill Lynch and RBS Securities Inc. The proceeds will be 
used to repay the Company's existing term loan and reduce outstanding amounts 
under its revolving line of credit. The offering consists of unsecured fixed 
coupon notes with a weighted average maturity of approximately 9 years and 
coupon of 6.75%. 
    The Company has in excess of US$500 million of available cash and 
immediate and undrawn credit available for general corporate purposes. The 
Company's balance of drawn credit remains unchanged by these transactions. 
    "The new credit facility provides Yamana with additional funding and 
flexibility to execute on its next growth phase and reduces overall debt 
exposure," commented Charles Main, executive vice president and chief 
financial officer of Yamana. "The fixing of the interest rate on the notes and 
extending out of our maturities, while maintaining our conservative leverage, 
are additional benefits of these transactions." 
 
    About Yamana 
 
    Yamana is a Canadian-based gold producer with significant gold 
production, gold development stage properties, exploration properties, and 
land positions in Brazil, Argentina, Chile and Mexico. The Company plans to 
continue to build on this base through existing operating mine expansions and 
throughput increases, the advancement of its exploration properties and by 
targeting other gold consolidation opportunities in the Americas. 
 
    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release 
contains or incorporates by reference "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 projects and exploration programs discussed herein 
being met, 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 and the Chilean Peso versus the United States 
Dollar), possible variations in ore grade or recovery rates, changes in the 
Company's hedging program, changes in accounting policies, changes in the 
Company's corporate resources, risk related to non-core mine dispositions, 
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 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 annual Management's Discussion and Analysis and Annual Information 
Form for the year ended December 31, 2008 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. 
 
 
For further information: Letitia Wong, Director, Investor Relations, (416) 
815-0220, Email: investor(at)yamana.com; MEDIA INQUIRIES: Mansfield 
Communications Inc., Hugh Mansfield, (416) 599-0024 
(YRI. AUY YAU) 
 
 
 
 
 
END 
 

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