Alamos Gold Announces Increase in Credit Facility to US$500 Million
TORONTO, Dec. 18, 2019 (GLOBE NEWSWIRE) — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today announced that it has secured amendments to its existing undrawn revolving credit facility (the “Facility”) including an increase in the size of the Facility from US$400 million to US$500 million on more favourable terms.
The Company will benefit from improved pricing under the amended Facility, including undrawn fees of 0.42% and drawn fees of LIBOR plus 1.875% at its current leverage ratio. This is down from undrawn fees of 0.45% and drawn fees of LIBOR plus 2.00% under the previous credit facility. The Facility remains undrawn and the Company debt free with cash and cash equivalents of US$186 million as of September 30, 2019. The maturity date of the Facility has been extended to December 17, 2023.
“The increase in our facility on more attractive terms is a reflection of the increased scale of Alamos as well as our strong operating and financial outlook. Combined with our existing cash, this further strengthens our financial flexibility with no debt and nearly US$700 million of available liquidity,” said Jamie Porter, Chief Financial Officer.The amended Facility was joint-led by the Bank of Nova Scotia, BMO Capital Markets, and TD Securities. Additionally, the syndicate includes the Canadian Imperial Bank of Commerce, National Bank of Canada, and ING Capital LLC.About AlamosAlamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico. Additionally, the Company has a significant portfolio of development stage projects in Canada, Mexico, Turkey, and the United States. Alamos employs more than 1,700 people and is committed to the highest standards of sustainable development. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”.FOR FURTHER INFORMATION, PLEASE CONTACT: