Goldcorp finalizes new $2 billion credit facility

Wed Nov 23, 2011 5:46pm EST
 
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TORONTO (Reuters) - Goldcorp Inc (G.TO: Quote) said on Wednesday it has entered into a $2.0 billion credit facility with a syndicate of 15 lenders.

The new credit facility, which replaces Goldcorp's existing $1.5 billion facility, will be used to fund growth opportunities and for general corporate purposes, the Vancouver-based Goldcorp said.

The company said the floating rate facility is unsecured and amounts drawn are required to be financed or repaid by November 23, 2016.

"This expanded credit facility enhances our overall funding flexibility as we develop our leading pipeline of gold growth projects," Chief Financial Officer Lindsay Hall said in a statement.

Goldcorp, Canada's No. 2 gold miner, is currently in the process of developing projects in the Dominican Republic, Argentina, Canada and Chile.

BMO Capital Markets acted as co-lead arranger, joint bookrunner and administrative agent for the facility, while Scotia Capital and Canadian Imperial Bank of Commerce acted as co-lead arrangers, joint bookrunners and syndication agents.

(Reporting by Euan Rocha; editing by Rob Wilson)