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Imperial Metals refinances US$98.4M senior notes, extends 4 credit facilities

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Imperial Metals refinances US$98.4M senior notes, extends 4 credit facilities

Imperial Metals Corp. said March 14 that it secured extensions on four credit facilities due to expire March 15 on the terms that it refinance and extend US$325 million of senior unsecured notes due March 15.

It said Edco Capital Corp. agreed to subscribe for US$98.4 million of additional senior notes to enable the company to complete the refinancing. The remaining security holders of US$226.6 million agreed to extend the maturity date until Sept. 15.

As a result, Imperial Metals' senior credit facility maturity date was extended to Sept. 5, its second lien credit facility was extended to Sept. 9, its bridge loan to Sept. 11 and its junior credit facility to Sept. 12.

The company, which previously extended the maturity dates of three of the facilities, had a working capital deficiency of C$819.7 million as of September 2018, which included C$728.4 million of current debt.

It recently completed the sale of a 70% interest in its Red Chris copper-gold mine in British Columbia for US$806.5 million, after kicking off a restructuring process in late 2018.