Barrick Gold Corp.today announced that it has extended the termination date on the majority of its fully undrawn $4 billion revolving credit facility from January 2020 to January 2021, and has also amended the credit facility’s key financial covenant.
Approximately $3.6 billion of the $4 billion available under the credit facility now terminates in January 2021, while approximately $400 million terminates in January 2020.
In conjunction with the extension of the termination date, Barrick proposed, and its lenders agreed, to replace the financial covenant that required Barrick to maintain a minimum consolidated tangible net worth of at least $3 billion with a new financial covenant that better reflects Barrick’s 2015 deleveraging measures and future expected debt reduction.
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