Hecla Mining Cuts Debt, Amends Agreement
July 1, 2009
Hecla Mining made a prepayment on its term loan and amended its credit agreement to reduce borrowing costs and gain greater flexibility, the company announced June 30.
The Coeur D’Alene, Idaho-based gold and silver mining company made an $18.2 million prepayment on its term loan and has now repaid about $342 million of the $380 million it drew down on its credit facilities. The prepayment reduces the number of lending institutions in its syndicate to two.
The amendment loosens its loan covenant limitations on capital expenses and exploration spending and allows the company to spend as much as $75 million by the end of the year. The credit amendment made other changes as well, including the requirement that the company have a chief restructuring officer.
A company representative was not immediately available for comment.
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