Boliden agrees ˆ770mn credit facility
OREANDA-NEWS. Swedish zinc and nickel producer Boliden has signed a syndicated revolving credit facility agreement for €770mn with 11 banks.
The facility consists of a €362mn credit agreement with a three year term which replaces an existing facility of €400mn that matures in 2017 and a second one for €408mn with a five year term which replaces an existing facility of €450mn that matures in 2019.
The company said it has also secured long-term financing for the acquisitions of the Kevitsa nickel, copper and platinum mine in Finland. Boliden bought the mine this spring from Canadian miner First Quantum Minerals for $712mn in cash. The mine will supply Boliden's Harjavalta nickel smelter with raw material.
The Kevitsa financing announced Wednesday is in the form of a €620mn loan and has been agreed with the same group of banks as the revolving credit.
Boliden said that the facilities include a multicurrency option and are intended, in part, as back-up facilities.