TSX: ELD NYSE: EGO
VANCOUVER, June 13, 2016 /CNW/ - Eldorado Gold Corporation, ("Eldorado" or "the Company") is pleased to announce that the Company has renewed its revolving credit facility.
The amended and restated credit agreement (the "ARCA") includes available credit of US$250 million, an accordion feature of US$100 million, and an extension of the term to June 13, 2020 from November 23, 2016.
The terms of the ARCA are favorable to the Company and consistent with current market standards. HSBC Securities (USA) Inc. is Lead Arranger and sole Bookrunner. Lenders include HSBC Bank USA, N.A., JP Morgan Chase Bank N.A., Bank of America N.A., and Export Development Canada. HSBC Bank Canada will act as Administrative Agent for the Lenders.
"Funds from the renewed facility will continue to provide strength to our balance sheet" said Paul Wright, President and Chief Executive Officer of Eldorado Gold. "The accordion feature of the ARCA allows us to increase the principle amount of the facility to US$350 million which provides additional flexibility as we continue to develop and operate our assets."
About Eldorado Gold
Eldorado is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil. The Company's success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the communities where it operates. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian 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 Company's Renewed Revolving Credit Facility.
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, including assumptions about the political and economic environment that we operate in, the future price of commodities and anticipated costs and expenses. 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: political and economic environment, gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory environment and 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 30, 2016.
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.
SOURCE Eldorado Gold Corporation
For further information: Krista Muhr, Vice President Investor Relations & Corporate Communications, Eldorado Gold Corporation, 604 601 6701 or 1 888 353 8166