Canadian Mining Journal

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TAKEOVER: Yamana bulks up treasury for Osisko deal

TORONTO – Yamana Gold has received commitments for a two-year, US$750-million senior unsecured term facility. The company intends to use the money for corporate and working capital, including Yamana's cash portion of Osisko Mining...


TORONTO – Yamana Gold has received commitments for a two-year, US$750-million senior unsecured term facility. The company intends to use the money for corporate and working capital, including Yamana’s cash portion of Osisko Mining acquisition. The funds will be available for drawdown provided the Osisko deal closes before July 31, 2014.

Yamana also has a revolving credit facility that was recently increased to US$1.0 billion and maintains a US$250 million accordion option.

Agnico Eagle Mines, after announcing yesterday it will partner with Yamana for the purchase of all outstanding and issued common shares of Osisko, said it plans to finance its share of the cash consideration from its existing US$1.2 billion credit facility.

Details of the proposed acquisition are available at Yamana.com, Osisko.com and AgnicoEagle.com.