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Largo cuts senior debt with US$26M note buyback

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Largo cuts senior debt with US$26M note buyback

Largo Resources Ltd. spent US$27.4 million to repurchase US$26 million of 9.25% senior secured notes due 2021, along with interest.

The remaining amount outstanding on the 2021 notes is US$92.8 million, about 22% less than the previous amount, according to a Dec. 16 release.

CEO Mark Smith said the company expects to repurchase the remainder in the second quarter of 2019 but will continue to repurchase additional debt if the opportunity arises and terms are favorable.

The company said in September that it would redeem US$15 million of the 2021 notes.