Published on: 8/20/2014 9:52:59 AM Print | Font Sizes:  Normal Text Large Text

New Gold enters credit facility arrangement

By: Northern Ontario Business staff

Vancouver’s New Gold has entered into a four-year, $300 million revolving credit facility with a syndicate of banks.

The previous $150-million revolving credit facility was set to expire in December.

The company has a portfolio of four mines and three projects under development, including its Rainy River gold project near Fort Frances in northwestern Ontario.

The facility further enhances our already strong financial position," said Brian Penny, executive vice-president and CFO in an Aug. 14 news release. "We are pleased to have put the new, larger facility in place as it reflects our successful growth since 2010 and provides us with additional flexibility as we move forward."

The company said there are no current plans to draw upon the facility.

The syndicate of banks includes The Bank of Nova Scotia, Royal Bank of Canada, Canadian Imperial Bank of Commerce, JP Morgan Chase Bank, N.A., The Toronto Dominion Bank, Bank of America Merrill Lynch, Bank of Montreal and Export Development Canada.

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