Noranda Operating Trust to get C$150 million asset-based revolver

By Sara Rosenberg

New York, July 22 - Noranda Operating Trust plans on getting a new C$150 million five-year secured asset-based revolving credit facility, according to a news release.

CIBC Asset-Based Lending Inc. and Roynat Asset Finance are the co-lead arrangers on the deal, with CIBC the administrative agent and syndication agent.

Proceeds will be used for working capital and other general corporate purposes and to help repay a bridge loan.

Other funds for the bridge loan paydown will come from the sale of C$90 million of 6 7/8% senior secured notes due 2016.

Completion of the revolver is expected to occur concurrently with the closing on the notes and is a condition to the notes offering.

Noranda is the Toronto-based owner of the CEZinc processing facility located in Salaberry-de-Valleyfield, Quebec.

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