Imperial Metals to get C$200 million credit facility in two tranches

By Sara Rosenberg

New York, March 3 - Imperial Metals Corp. plans on getting a new C$200 million senior secured credit facility, according to a news release.

The facility consists of a C$50 million tranche to be used for general corporate purposes and a C$150 million tranche to be used to fund project costs related to the company's Red Chris project.

Closing on the credit facility is contingent on the completion of a U.S. $325 million senior notes offering that will be used to repay existing debt, to fund capital expenditures related to Red Chris and for general corporate purposes.

The company also intends on getting a C$75 million junior unsecured loan facility with Edco Capital Corp. that will be available to fund project cost overruns associated with Red Chris, to backstop the payment of certain third-party reimbursement obligations relating to the Iskut extension of the Northwest Transmission Line and for general corporate purposes.

Imperial is a Vancouver, B.C.-based exploration, mine development and operating company.

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