This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Newmont Obtains Term Loan Commitments Of $575 Million To Improve Financial Flexibility

Newmont Mining Corporation (NYSE: NEM) (“Newmont” or the “Company”) announced today that it has received commitments from several banks for a five-year, unsecured, amortizing term loan of $575 million. The term loan provides for a single, delayed draw-down through July 1, 2014, and is intended to repay the $575 million of convertible debt maturing in July 2014.

“We are pleased to receive commitments for this bank facility,” said Laurie Brlas, Executive Vice President and Chief Financial Officer. “The term loan allows for pre-payment of principal and provides us the flexibility to reduce debt and strengthen the balance sheet. The timing of the loan is ideal for repaying the 2014 maturities and the structure provides the opportunity to de-lever without penalty over the coming years.”

The term loan is expected to close by the end of March with final maturity five years from the date of funding. Covenants for the facility are substantially similar to those in the Company’s current revolving credit facility, including a single financial covenant requiring a Net Debt to Capitalization ratio below 62.5%. At December 31, the Company’s leverage ratio, as defined, was 28.8%.

Cautionary Statement:

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation, statements regarding the timing and/or likelihood of closing the bank facility, future debt repayment and future financial flexibility. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the "forward-looking statements". Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks in the countries in which we operate, the receipt of third party approvals, the satisfaction or waiver of certain conditions specified in the commitment letter and/or the bank facility, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2013 Annual Report on Form 10-K, expected to be filed on February 20, 2014 with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs