Endeavour Mining Extends Five Year Credit Facility to March 31, 2020

VANCOUVER, March 10, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces that it has renewed its $350 million revolving credit facility (RCF) which now has a maturity date of March 2020.  Endeavour used drawn proceeds of $300 million to fund construction of the Agbaou mine during 2013 as well as other investments in its mines to lower long-term operating costs.  The undrawn portion of $50 million remains available for general corporate purposes.  The extended maturity date enhances Endeavour's flexibility but it remains our objective to reduce debt during 2015.

Neil Woodyer, CEO, stated
"By renewing the RCF and extending our maturity date to March 2020 Endeavour has removed the near-term repayment requirements during 2016 and 2017. We now have no scheduled repayments for approximately three and a half years, which enhances our financial flexibility and strength to pursue our growth strategy.  The RCF, along with cash flow from current operations, also provides the opportunity to internally fund construction of the Houndé project with a start date in early 2016.

It remains our objective to reduce outstanding debt from free cash flow in 2015.  We appreciate the continued strong support from our syndicate of banks that includes BNP Paribas, ING Bank NV, Société Générale, UniCredit Bank AG and we are pleased to welcome Investec to the lending group."

The key terms of the extended RCF include:

  • Maturity date is in March 2020 and the available amount declines with four equal semi-annual reductions commencing September 2018 (previously six equal semi-annual reductions commencing January 1, 2016 and ending on July 1, 2018);
  • Interest Cover shall not be less than 3 to 1, calculated on a rolling 12 month basis;
  • Net Debt to EBITDA shall not exceed 3.5 times, calculated on a rolling 12 month basis;
  • Minimum tangible net worth of $350 million; and
  • Interest is based on LIBOR plus a margin ranging between 3.75% and 5.75% per annum based on a sliding scale, related to the actual Net Debt to EBITDA ratio.

About Endeavour Mining Corporation

Endeavour is a Canadian-based gold mining company producing 500,000 ounces per year from four mines in West Africa.  Endeavour is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.

On behalf of Endeavour Mining Corporation

Neil Woodyer
Chief Executive Officer

This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

SOURCE Endeavour Mining Corporation

For further information: Doug Reddy, SVP Business Development, +1 604 609 6114, dreddy@endeavourmining.com; Endeavour Mining Corporation, Corporate Office, Suite 3123, 595 Burrard Street, P.O. Box 49139, Vancouver, BC V7X 1J1, Canada, Tel: +1 604 685 4554, www.endeavourmining.com

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