July 14, 2017 / 10:26 AM / a month ago

BRIEF-TMAC Resources revises credit facility

July 14 (Reuters) - Tmac Resources Inc

* TMAC Resources Inc - ‍has entered into a term sheet with Sprott Private Resource Lending to provide for total borrowings of US$160 million​

* TMAC Resources - ‍under term sheet Morgan Stanley Capital Group Inc will no longer be a lender under credit agreement​

* TMAC Resources - Tranche 1 of revised credit agreement will have a single bullet repayment on January 31, 2019

* TMAC Resources - about US$30 million of additional funds allow TMAC to finance significant, seasonal expenses incurred during summer sealift period

* TMAC Resources - Tranche 2 of revised credit agreement has a term of up to five years, maturing on July 31, 2022

* TMAC Resources - revised credit agreement has an interest rate of 6.5 percent plus greater of US Dollar three-month LIBOR, 1.0 percent per annum, payable quarterly

* TMAC Resources - ‍amendments to original credit agreement will result in an amended and restated credit agreement comprising Tranche 2 for US$130 million​ Source text for Eikon: Further company coverage:

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