Lynx Resources Ltd is pleased to announce the closing of a USD 75 million debt facility. The facility has a term of seven years at an interest rate of LIBOR + 5%.The SASA mine is one of the largest zinc, lead and silver mines in Europe, producing approximately 30,000 tonnes of lead, 22,000 tonnes of zinc and 400,000 ounces of silver in concentrates per annum.
Proceeds of the debt facility will be used to refinance part of the acquisition costs from 2015, fund future growth prospects, as well as general corporate purposes.
Societe Generale Corporate & Investment Banking (“SG CIB”) and Investec Bank plc (“Investec”) acted as Mandated Lead Arrangers and Hedging Co-ordinators. Ohridska Banka AD Skopje (“Ohridska”) participated in the Financing and has also committed to a EUR 5 million working capital facility.
Chris James, CEO of Lynx Resources, commented, “We are pleased to announce this USD 75 million debt facility which allows Lynx to refinance part of the original acquisition costs as well as fund future growth prospects at the SASA mine in Macedonia.
SASA is one of Europe’s largest zinc, lead and silver mines and was the first acquisition by Lynx since its formation in 2015. SASA enjoys lowest quartile cash costs ensuring strong cash generation through the mining cycle and provides Lynx with an excellent initial platform to develop its strategy to become a leading base metals mining company.