Trevali secures new $275 million four-year revolving credit facility

By Sarah Lizee

Olympia, Wash., Sept. 19 – Trevali Mining Corp. entered into an amended and restated credit agreement with a syndicate of lenders for a $275 million four-year revolving credit facility, according to a press release.

The new revolver replaces the $160 million term loan facility and the $30 million revolver entered into in August 2017.

Interest will be Libor plus 200 basis points to 300 bps, based on the company’s consolidated leverage ratio.

Commitment fees for the undrawn portion will be 45 bps to 67.5 bps.

The revolver matures Sept. 18, 2022.

Proceeds will be used for working capital and general corporate purposes.

Trevali said it expects to realize savings of up to $5 million over the term of the new revolver due to the reduction in interest and standby fee rates.

Bank of Nova Scotia acted as administrative agent, joint bookrunner and co-lead arranger and HSBC Bank Canada acted as joint bookrunner and co-lead arranger. The lending syndicate is comprised of Scotiabank, HSBC Bank Canada, Societe Generale, Bank of Montreal, Toronto-Dominion Bank, National Bank of Canada and ING Capital LLC.

Trevali is a Vancouver B.C.-based zinc-focused base metals mining company with operations in Peru and Canada.

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