MUX - McEwen Mining says Sprott Resource Lending is no longer a lender after repaying $25M
2023-05-23 16:16:31 ET
- McEwen Mining ( NYSE: MUX ) said Tuesday that it has repaid $25 million of its senior secured debt payable to Sprott Resource Lending and that Sprott is no longer a lender.
- Prior to the repayment, the company had $50 million in senior secured debt and a $15 million unsecured promissory note, for a total debt of $65 million.
- Concurrent with the repayment to Sprott, the senior secured debt was amended and restated in the amount of $40 million with a 9.75% interest rate per annum, and the promissory note was extinguished.
- The company’s sole lender is now an entity owned by chairman and chief owner Rob McEwen.
- As a result of the debt reduction, McEwen Mining’s annual borrowing costs will decrease by about $2.2 million, or 36%.
- Press Release .
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McEwen Mining says Sprott Resource Lending is no longer a lender after repaying $25M