Golden Star has used the proceeds to refinance the Ecobank Loan III, Ecobank Loan IV, and the long-term payable under the Vendor Agreement with Volta River Authority.
The remaining balance is available for general corporate purposes, the miner said in a press statement.
The Credit Facility is repayable $5 million quarterly, commencing on 30 June 2020.
The final maturity date is 31 March 2023.
The interest rate is 4.5% plus the applicable USD LIBOR rate.
The Credit Facility is subject to normal course financial covenants including a Debt Service Coverage Ratio of greater than 1.20:1 and a Net Debt to EBITDA ratio of less than 3.00:1.
Listed on the NYSE American, the Toronto Stock Exchange and the Ghana Stock Exchange, Golden Star is focused on delivering strong margins and free cash flow from its two high-grade underground mines.
Its gold production guidance for 2019 is 190,000 – 205,000 ounces at a cash operating cost per ounce of $800-$850.
As the winner of the PDAC 2018 Environmental and Social Responsibility Award, Golden Star is committed to leaving a positive and sustainable legacy in its areas of operation. Read Full Story
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