Victoria Gold Amends Credit Facilities Including Reduced Interest Rates
TORONTO, Jan. 10, 2022 (GLOBE NEWSWIRE) — Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) has amended its existing credit agreement on favourable terms, lowering the payable interest rate by 50 basis points (or 0.50%) on both the revolving and term loan tranches (the “Facilities”). Pursuant to the amendment, amounts drawn on the Facilities are subject to interest at LIBOR plus 2.50% to 3.50% per annum (reduced from 3.00% to 4.00%), with the undrawn portion subject to a standby fee of 0.56% to 0.79% per annum (reduced from 0.68% to 0.90%). Pricing is dependent on the Company’s leverage ratio, with the operative margin and standby fee amounting to 2.75% and 0.62% per annum, respectively, at present. The maturity date of the revolving facility has also been extended to December 2024 from December 2023. The term facility continues to be paid quarterly and matures in December 2023.
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