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Galaxy Resources secures US$40M debt facility to repay outstanding loans

Galaxy Resources Ltd. secured a US$40 million debt facility to repay the current outstanding balance due to OCP Asia in full and for general corporate purposes.

The company secured the facility, which comprises a US$10 million term loan, a US$15 million bridge loan and a US$15 million revolving loan, from BNP Paribas according to a Jan. 19 release.

In November 2015, Galaxy executed a term sheet with OCP Asia for a A$31 million secured debt facility for repaying the balance of outstanding convertible bonds.

The bridge loan is repayable on or before June 30; the term loan will mature Jan. 31, 2018; and the revolving loan will mature Jan. 31, 2018, with potential yearly extensions of 12 months.