Eldorado Gold Announces Execution of Senior Secured Credit Facility
13 May 2019 - 10:37PM
Eldorado Gold Corporation (“Eldorado,” the “Company” or “We”) is
pleased to announce that, further to the Company’s press release of
earlier today entitled “Eldorado Gold Announces New Senior Secured
Credit Facility”, the Company and its syndicate of lenders have now
fully executed a US$450 million amended and restated senior secured
credit agreement in respect of a US$450 million Senior Secured
Credit Facility (the “Facility”). The Facility will replace the
Company's existing revolving credit facility established by HSBC
Bank Canada and certain lenders and will become effective upon
completion of customary conditions. All terms of the Facility
remain as outlined in the Company’s prior press release, and
completion of conditions precedent is expected on or prior to the
completion of the Company’s senior secured second-lien notes
announced earlier today.
Proceeds from the term loan under the Facility
and the Company’s secured second-lien notes offering, together with
other proceeds, will be used to redeem the Company’s existing
6.125% Senior Notes due December 2020. With the
expected increase in free cash flow from Kisladag from the
resumption of heap leaching and Lamaque now in commercial
production, the Company expects to use such cash flow in part to
repay the Term Loan in full.
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Canada,
Greece, Romania, Serbia, and Brazil. The Company has a highly
skilled and dedicated workforce, safe and responsible operations, a
portfolio of high-quality assets, and long-term partnerships with
local communities. Eldorado's common shares trade on the
Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange
(NYSE: EGO).
Contacts
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or
1.888.353.8166 peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations604.687.4018 or
1.888.353.8166 louiseb@eldoradogold.com
Cautionary Note Regarding Forward-Looking
Statements
This news release contains forward looking
statements and forward looking information within the meaning of
applicable Canadian and U.S. securities laws. Often, but not
always, forward-looking statements and forward-looking information
can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
or information herein include, but are not limited to the
completion of the transactions in connection with the new Senior
Secured Credit Facility and note offering.
Forward-looking statements and forward-looking
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information. We have made certain
assumptions about the forward-looking statements and information
and even though our management believes that the assumptions made
and the expectations represented by such statements or information
are reasonable, there can be no assurance that the forward-looking
statement or information will prove to be accurate. Furthermore,
should one or more of the risks, uncertainties or other factors
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking statements or information. These risks,
uncertainties and other factors include, among others, the
following: the need to negotiate and execute a [credit agreement]
and related documents; the need for continued cooperation of the
lenders; gold price volatility; the need to obtain any required
consents and related documents, discrepancies between actual and
estimated production, mineral reserves and resources and
metallurgical recoveries; mining operational and development risk;
litigation risks; regulatory restrictions, including environmental
regulatory restrictions and liability; risks of sovereign
investment; currency fluctuations; speculative nature of gold
exploration; global economic climate; dilution; share price
volatility; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property, as
well as those factors discussed in the sections entitled
“Forward-Looking Statements” and “Risk Factors” in the Company's
Annual Information Form & Form 40-F dated March 29, 2019.
There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, you should not place
undue reliance on the forward-looking statements or information
contained herein. Except as required by law, we do not expect to
update forward-looking statements and information continually as
conditions change and you are referred to the full discussion of
the Company's business contained in the Company's reports filed
with the securities regulatory authorities in Canada and the
U.S.
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