Allied Nevada Gold amends loan, permitting sale of senior notes

By Sara Rosenberg

New York, May 16 - Allied Nevada Gold Corp. amended its credit facility, allowing for the issuance of up to $400.4 million of senior unsecured notes, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Proceeds from the notes will be used to fund the expansion of the company's Hycroft Mine, and closing on the offering is expected to occur on May 25.

In addition, the amendment reduced the interest coverage ratio to 3.00 to 1.00 and removed the requirement that the company maintain minimum aggregate deposits with the lenders.

The amendment was completed on May 11.

The Bank of Nova Scotia is the administrative agent on the deal.

Allied Nevada is a Reno, Nev.-based gold exploration and development company.

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