IAMGOLD Increases Unsecured Credit Facility To $500 Million And Letters Of Credit Available
IAMGOLD Corporation (NYSE: IAG) today announced that it has received commitments from its bank syndicate to increase its existing unsecured revolving credit facility to $500 million and its Letters of Credit revolving credit facility ("LC Facility") to $75 million. In addition, the Company's wholly owned subsidiary, Niobec Inc., received commitments from the same bank syndicate for a four-year $250 million unsecured revolving credit facility ("Niobec Facility"), in support of expansion plans for its Niobec mine. All three facilities are expected to close before the end of February 2012.
"Our strong balance sheet and robust cash flow gives us the opportunity to further enhance our corporate liquidity," said Carol Banducci, Executive Vice-President and CFO of IAMGOLD. "By increasing our credit facility we have greater flexibility to capitalize on strategic opportunities as they arise. In addition, the Niobec Facility is an important step towards self-funding the expansion of the niobium mine."
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