March 26, 2010 / 12:31 PM / in 8 years

UPDATE 1-Iamgold secures new credit facilities

* $350 mln facility replaces $140 mln facility

* Also has new $50 million letter-of-credit facility

* To hold its AGM on May 19 (All figures in U.S. dollars, unless noted)

TORONTO, March 26 (Reuters) - Canadian gold miner Iamgold Corp (IMG.TO) has increased its $140 million secured, revolving credit facility to a $350 million unsecured, revolving credit facility, the company said on Friday.

The new facility expires in March 2013 and allows for increased financial flexibility under improved terms and conditions, it said.

The new credit facility was led and arranged by Scotia Capital, Societe Generale and Canadian Imperial Bank of Commerce.

Toronto-based Iamgold also said it had entered into a $50 million letter-of-credit facility supported by Export Development Canada. The facility will allow for the issuance of letters of credit in support of certain asset retirement obligations of the company.

Iamgold, which has operations across the Americas and Africa, said it plans to hold its annual shareholder meeting in Toronto on May 19. (Reporting by Euan Rocha; editing by John Wallace)

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