SSR Mining Announces US$200 Million Senior Secured Revolving Credit Facility

Rhea-AI Summary

SSR Mining Inc. (NASDAQ: SSRM) has announced an amendment to its undrawn revolving credit facility, increasing its size from US$75 million to US$200 million. This new facility features an upsized accordion option from US$25 million to US$100 million and extends the term to June 8, 2025. The facility will incur a variable interest rate based on the London Interbank Offered Rate plus a margin of 2.00% to 3.00%, depending on the company's net leverage ratio. This financing can be utilized for working capital, reclamation bonding, and other corporate purposes.

Positive

• Increased revolving credit facility from US$75 million to US$200 million.
• Extension of the facility term to June 8, 2025.
• Inclusion of an upsized accordion feature from US$25 million to US$100 million.

Negative

• Variable interest rates range from 2.00% to 3.00%, which may impact financial costs.

DENVER, June 8, 2021 /PRNewswire/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX:SSR) ("SSR Mining" or "the Company") announced today that it has amended its existing undrawn revolving credit facility (the "Facility") on favorable terms, increasing the Facility size from US$75 million to US$200 million.  The new Facility includes an upsized accordion feature from US$25 million to US$100 million and the term of the Facility has been extended by 4 years to June 8, 2025.

Amounts that are borrowed under the Facility will incur variable interest at London Interbank Offered Rate plus an applicable margin ranging from 2.00% to 3.00%, determined based on the Company's net leverage ratio and amounts drawn from the Facility. All debts, liabilities and obligations under the Facility are guaranteed by the Company's material North American subsidiaries and secured by assets of the Company, certain of the material subsidiaries, and the pledges of material subsidiaries. The Facility may be used by the Company for working capital, reclamation bonding and other general corporate purposes.

CIBC acted as the Sole Lead Arranger, Sole Bookrunner and as Administrative Agent in connection with the amended Credit Facility, with Bank of Montreal and The Bank of Nova Scotia acting as Co-Syndication Agents. The other syndicate lenders include Royal Bank of Canada and ING Capital LLC.

About SSR Mining

SSR Mining Inc. is a leading, free cash flow focused gold company with four producing assets located in the USA, Turkey, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets in the USA, Turkey, Mexico, Peru, and Canada. In 2020, the four operating assets produced approximately 711,000 gold-equivalent ounces. SSR Mining is listed under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.

SSR Mining Contacts:
F. Edward Farid, Executive Vice President, Chief Corporate Development Officer SSR Mining Inc.
E-Mail: invest@ssrmining.com
Phone: +1 (888) 338-0046 or +1 (604) 689-3846

To receive SSR Mining's news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.

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SOURCE SSR Mining Inc.

FAQ

What did SSR Mining announce on June 8, 2021?

SSR Mining announced an amendment to its revolving credit facility, increasing its size to US$200 million and extending the term.

What is the new term for SSR Mining's credit facility?

The term for the credit facility has been extended to June 8, 2025.

How much can SSR Mining borrow under the new facility?

SSR Mining can now borrow up to US$200 million under the new facility.

What is the interest range for SSR Mining's amended credit facility?

The interest range for the facility is between 2.00% and 3.00%, depending on the company's net leverage ratio.

Who acted as the lead arranger for SSR Mining's credit facility?

CIBC acted as the Sole Lead Arranger and Administrative Agent for the amended credit facility.