Great Bear Resources

B2Gold Secures Upsized US$500 Million Revolving Credit Facility

Vancouver, British Columbia--(Newsfile Corp. - July 18, 2017) - B2Gold Corp. (TSX: BTO) (NYSE MKT: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce it has secured an upsized $500 million Revolving Credit Facility (the "upsized RCF"). All dollar figures are in United States dollars unless otherwise indicated.

On July 7, 2017, the Company entered into an amended and restated credit agreement with a syndicate of international banks for an upsized RCF for an aggregate amount of $500 million, representing a $75 million increase from the principal amount of $425 million under its existing revolving credit facility. The upsized RCF also allows for an accordion feature whereby upon receipt of additional binding commitments, the facility may be increased to $600 million any time prior to the maturity date. HSBC, as Sole Lead Arranger and Sole Book Runner, will continue to act as the Administrative Agent. The syndicate includes The Bank of Nova Scotia, Société Générale, ING Bank N.V. and Canadian Imperial Bank of Commerce as lenders.

The upsized RCF will bear interest on a sliding scale of between LIBOR plus 2.25% to 3.25% based on the Company's consolidated net leverage ratio. Commitment fees for the undrawn portion of the facility will also be on a similar sliding scale basis of between 0.50% and 0.925%. The term of the upsized RCF is four years, maturing on July 7, 2021. If the principal indebtedness outstanding under the Company's existing 3.25% Convertible Senior Subordinated Notes (the "Subordinated Notes") maturing on October 1, 2018, is greater than $100 million on December 29, 2017, then the sliding scale interest will increase to a sliding scale range of between LIBOR plus 2.50% to 4.00%. The upsized RCF will also be subject to customary lending covenants for a corporate facility.

Proceeds from the loan will be used for general corporate purposes and may be utilized to prepay or repay the Subordinated Notes and financing acquisitions.

The Company also believes that coupled with operating cash flows from the Company's existing mine operations, the upsized RCF ensures that the Company remains fully funded to maintain its operations, including funding for the construction of the Fekola Project (completion anticipated on October 1, 2017).

Along with the additional $75 million capacity under the upsized RCF, the $100 million accordion feature is expected to provide the Company with additional flexibility to access additional funding in the future for other corporate activities without the carrying cost of paying undrawn commitment fees.

About B2Gold Corp.

Headquartered in Vancouver, Canada, B2Gold Corp. is one of the fastest-growing intermediate gold producers in the world. Founded in 2007, today, the Company has four operating mines, one mine under construction and numerous exploration projects in various countries, including Nicaragua, the Philippines, Namibia, Mali, Burkina Faso and Finland. Construction of the Company's Fekola Mine in southwest Mali is approximately three months ahead of schedule and on budget, and is projected to commence production on October 1, 2017. As a result, the Company is well positioned to maintain its low-cost structure and growth profile.

Based on current assumptions and updates to B2Gold's current year guidance and long-term mine plans, the Company is projecting consolidated gold production in 2017 of between 545,000 and 595,000 ounces (including estimated pre-commercial production from the Fekola Mine of between 45,000 and 55,000 ounces); and in 2018 significantly increasing to between 900,000 and 950,000 ounces, with the inclusion of the anticipated first full-year of commercial production at the Fekola Mine.


Sign Up To Receive All Morning
News To Your Email Inbox

Please review our Disclaimer and Privacy Policy before subscribing.


Last Trade: C$8.84
Daily Change: -0.08 -0.90
Daily Volume: 2,127,860
Market Cap: C$9.280B
B2Gold Reports Quarterly Gold Production of 263,813 Oz and Record Quarterly Revenue of $487 M for Q3 2020; On Track to Meet Annual Production Guidance of 1,000,000 to 1,055,000 Oz
B2Gold Announces Positive Exploration Drill Results from Near Fekola and Anaconda Area Exploration Drilling
B2Gold Reports Successful Commissioning of Fekola Mill Expansion ahead of Schedule; Maintains 2020 Production Guidance and Continues Debt Reduction; Declares Third Quarter Dividend of $0.04 per Share
B2Gold Continues to Operate Unimpeded at its Fekola Mine in Mali
B2Gold Reports Strong Q2 2020 Results and Doubling Quarterly Dividend to $0.04 per Share; Quarterly Records for Gold Revenue and Operating Cash Flows; Cash Operating Costs and AISC Less than Budget
B2Gold Second Quarter and First Half 2020 Financial Results; Conference Call / Webcast Details
B2Gold Announces the Launch of its Namibian Rhino Gold Bar Campaign in North America to Support the Conservation and Protection of the Critically Endangered Black Rhinos
B2Gold Contributes to COVID-19 Relief Efforts in Namibia
B2Gold Reports Quarterly Gold Production of 241,593 Oz and Record Quarterly Revenue of $442 M for Q2 2020; On Track to Meet Annual Production Guidance of 1,000,000 to 1,055,000 Oz
B2Gold Corp. Declares Second Quarter 2020 Dividend; Increased by 100% to $0.02 per Share
B2Gold Releases its Fourth Annual Responsible Mining Report - Raising the Bar
2020 Annual General and Special Meeting of the Shareholders of B2Gold: Webcast/Dial-in Details and How to Attend/Participate/Vote

K2 Gold

K2 Gold

K2 Gold is focused on its 100% owned Mojave property in California, a 5,830 hectare oxide gold project with base metal targets. The location of Mojave enables the Company to have year-round news flow on multiple previously recognized surface gold targets that have been successfully drilled in the past by majors BHP and Newmont. Besides affording immediate drill targets, the property also includes undrilled historical trench results including 4.2 g/t gold over 42.7m... LEARN MORE