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Largo Resources cuts senior debt by 18% through US$8.1M note buyback

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Largo Resources cuts senior debt by 18% through US$8.1M note buyback

Vanadium miner Largo Resources Ltd. agreed to buy back and retire an additional US$8.1 million of its 9.25% senior secured notes due in 2021.

The company said Jan. 9 that the remaining outstanding amount will be about US$37 million, representing a further decrease of about 18% of its current outstanding notes.

CEO Mark Smith said this buyback represents a significant decrease of about 75% of the company's total outstanding notes since May 2018.

The buyback is expected to be effective Jan. 28.

In December 2018, the company spent US$51.2 million to repurchase US$47.8 million of the notes, reducing the outstanding amount to US$45 million.