Noranda Income Fund amends its Revolving Facility

    VALLEYFIELD, QC, Oct. 5 /CNW/ - Noranda Income Fund (the "Fund")
announced today that its subsidiary, Noranda Operating Trust, has completed an
amendment with a syndicate of Canadian chartered banks to its Revolving
Facility. The amended Revolving Facility has been extended to May 1, 2009. The
amount available to be drawn on the Revolving Facility will vary on a
quarterly basis and will be based on percentages of the Fund's inventory and
accounts receivable from the previous quarter. The maximum available to be
drawn at any time is $200 million and the minimum available to be drawn is $55
million. The amount currently available to be drawn is $196 million. Prior to
the amendment, the Revolving Facility was $100 million. Borrowings under the
Revolving Facility bear interest at rates that vary with the prime rate, the
bankers' acceptance rate, or Libor rates plus applicable margins.
    Canadian Imperial Bank of Commerce and the Bank of Nova Scotia continue
to be co-lead arrangers for the Revolving Facility.

    Noranda Income Fund is an income trust whose units trade on the Toronto
Stock Exchange under the symbol "NIF.UN". Noranda Income Fund was created to
acquire Noranda Inc.'s CEZ processing facility and ancillary assets (the "CEZ
processing facility") located in Salaberry-de-Valleyfield, Quebec. The CEZ
processing facility is the second-largest zinc processing facility in North
America and the largest zinc processing facility in eastern North America,
where the majority of its customers are located. It produces refined zinc
metal and various by-products from zinc concentrates purchased from mining
operations. The Processing Facility is operated and managed by Canadian
Electrolytic Zinc Limited.

    %SEDAR: 00017578EF

For further information:

For further information: please contact: Michael Boone, Vice President
and Chief Financial Officer, Noranda Income Fund's Manager, (416) 775-1561

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890