Pan American Silver Corp. Announces Nomination of Directors; Amends and Extends its Revolving Credit Facility
Pan American is also announced that it has amended and extended its revolving credit facility led by The Bank of Nova Scotia and the Canadian Imperial Bank of Commerce as Joint Lead Arrangers and Joint Bookrunners. The facility has been increased by USD 200 million to USD 500 million, and matures on February 1, 2023. At Pan American's option, amounts can be drawn under the revolving facility and will incur interest based on the Company's leverage ratio at either LIBOR plus 1.875% to 2.750% or; The Bank of Nova Scotia's Base Rate on USD denominated commercial loans plus 0.875% to 1.750%. Undrawn amounts under the revolving facility are subject to a stand-by fee of 0.4219% to 0.6188% per annum, dependent on the Company's leverage ratio. Pan American has drawn down USD 301 million under the facility under LIBOR-based interest rates to fund, in part, the cash purchase price under the Arrangement and to repay, in full, and cancel Tahoe's second amended and restated revolving facility, under which USD 125 million had been drawn.