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Newcrest renews US$2.4B in bank lending facilities

Newcrest MiningLtd. said May 5 that it has extended the terms of its banking lendingfacilities, entering facility agreements with 12 bank lenders, which will each commitUS$200 million.

The facilities will have tenors of between three and five yearsas follows — US$1.20 billion in 2019, US$300 million in 2020 and US$900 millionin 2021.

Over the 22 months to April 30, Newcrest trimmed its net debtby US$1.33 billion, with US$277 million of the reduction occurring since the yearstarted. As of April 30, Newcrest's net debt stood at US$2.38 billion.

This allowed the company to reduce its committed bank facilitiesto US$2.40 billion from US$3.15 billion.